iBrands Corp. (OTC Pink: IBRC) is engaged in the acquisition, development, and management of niche brands and market positions. Shares of the niche brand management are soaring 61.76%, through afternoon trading on Monday, February 27, 2017. Over the past month, iBrands Corp. has seen average daily volume of 40.1 million. However, volume of 59.55 million shares or dollar volume of $327,525, has already exchanged hands through early trading Monday.
Shares of iBrands Corp. are soaring on Monday, but there is no news or updates released by the company in the past week. However, at the beginning of February 2017, the company announced that it had received an exclusive supply contract for their CBD product line. The contract is set to last one year, with the option of extension. By the end of February, management said they would be delivering around 1,000 kg of its CBD product. Furthermore, the company expects supply shipments of 200-250 kg. iBrands Corp. obtains $25,000 to $48,000 per kilogram of shipment. The strong rally today must be due to the fact that the first shipment is near delivery or will be delivered soon. Here is the full press release detailing of the press release:
iBrands Corp. Press Release:
IRVINE, CA–(Marketwired – Feb 7, 2017) – iBrands Corp. ( OTC PINK : IBRC ) is pleased to announce that it has signed an “Exclusive Supply Contract” with Free Spirit Organics LLC., an Indian Tribal Company made up of the Winnemucca, Northern Shoshoni and Washoe Indian Tribes. They market their products under the name CBDoil. The term of the contract is for 1 year and is renewable.
Chief Bill Bills stated, “This is a very exciting time for our Tribes right now. The demand for our products is growing at 400% per month and we have been having a hard time securing the raw oil and having to go to several places to fill orders. Now with the new regulations classifying cannabinoids as a class 1, we think our sales will grow even faster because of our ability to fill orders other companies can’t. The laws are still up in the air, but because of our sovereign status we can send products across state lines from tribe-to-tribe much easier than most. Many of the Indian Casinos are carrying our products in their commissaries. We also have 3,000 Tribal stores that are starting to carry CBDoil as well.”
The first order is for 1,000 kilograms (2,200 pounds) and will be delivered by the end of February. Ongoing demand is expected to be between 200-250 kilograms per month. In the past, the Tribe has been paying $25,000 on up to $48,000 per kilogram. “Our connections within the industry have helped us secure volume pricing. In comparison, the first contract was filled at $13,000 per kilo,” said Michael Ogburn, CEO of iBrands.
Ogburn also went on, “We are really focusing on growing our Purest CBD right now. The cannabinoid market is the future in our opinion and we are putting a lot of effort into it. The agreement is exclusive and was signed February 6, 2017.
About iBrands Corp.:
iBrands Corporation Inc. (“IBRC”) is a publicly traded holding company that acquires and operates niche market brands having unique market positioning with substantial upside. Our strategy is executed through the acquisition of proprietary brands having unique market niches with substantial upside growth and providing strong management. For further information, please contact the Company at: www.iBrandscorporation.com
Safe Harbor Statement:
This press release may contain forward looking statements and or observations which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues as well as any payment of dividends on our stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties include but not limited to information as contained within the Company’s most current quarterly reports, annual reports, and or other such filings as may be accessed through the OTCBB website. Furthermore, the Company disclaims any intention or obligation to update or revise any such forward looking statements, whether as a result of new information, future events, or otherwise. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new product lines noting there is no assurance that we will generate enough revenues to offset those costs. Additional product offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the variables as associated with the general business channel we are operating in, the impact of which cannot be predicted at this time including risks as associated with our product and recent FDA pronouncements.