iBrands Corp (OTCMKTS:IBRC) Signs Exclusive Supply Deal For Purest CBD Product Line
iBrands Corp (OTCMKTS:IBRC) has signed an exclusive supply deal with Free Spirit Organics LLC. It is an Indian Tribal firm made up of the Northern Shoshoni, Washoe and Winnemucca Indian Tribes. They commercialize their products under the brand CBDoil. The renewable contract term is for 1 year.
Chief Bill Bills reported that it is an extremely thrilling time for their Tribes right now. The products demand is growing at 400% monthly and they have been facing a hard time getting the raw oil and requiring to go to numerous places to complete orders. With the new guidelines stating CBDs as a class 1, they consider their sales will surge even faster because of their ability to complete orders other firms can’t.
The guidelines are still existing, but because of iBrands sovereign status they can send offerings across state lines from tribe-to-tribe easier than most. A number of the Indian Casinos are taking their offerings in their commissaries. They even have 3,000 Tribal outlets that are beginning to carry CBDoil as well.
The initial order is for 1,000 kilograms and will be supplied by the close of February. Continuing demand is anticipated to be between 200 kilograms and 250 kilograms monthly. Previously, the Tribe has been compensating $25,000 for up to $48,000 a kilogram. Michael Ogburn, the CEO of iBrands, said that their connections within the market have helped them obtain volume pricing. In contrast, the first contract was completed at $13,000 per kilo.
Ogburn went on to add that they are focusing on growing their Purest CBD at this time. The cannabinoid industry is the future and they are investing immense effort into it. The deal is exclusive and was closed February 6, 2017. iBrands is a publicly traded holding firm that operates and acquires niche market brands with unique market positioning. The strategy is implemented through the acquisition of unique brands having market niches with considerable upside growth.© Copyright 2016 OTC News Magazine. All rights reserved.