EastWest Bioscience Signs Letter of Intent with Pet Tonics.
VANCOUVER, BC / ACCESSWIRE / August 1, 2019 / EastWest Bioscience (the “Company” or “EastWest”) (TSX.V: EAST) has signed an LOI with Pet Tonics, LLC, DBA Paws Effect (“Paws”), located in Coppell, TX USA (pawseffect.com). Partnering with strong brands is a significant part of EastWest’s overall strategy to ensure a larger footprint in the retail landscape in Canada, the USA, and Asia. Pet Tonics’ current products include CBD biscuits, balms, and tinctures. Pet Tonics’ customer base includes a growing number of independent retailers in the United States and an aggressive sales team positioning product to some of the largest retailers in the US. With EastWest’s growing footprint in the pet space, it allows for a shared benefit to co-pack and extend both companies lines into key strategic markets.
The co-branding opportunity allows for EastWest’s product offerings in Canada to grow to six non-CBD treats/biscuits, 3 dog and 3 cat, once our newest line of Chill Dog and Quick Cat is manufactured at the end of August. Pet Tonics will increase exposure in the United States by co-branding and white labeling EastWest’s unique formulas with and without CBD, allowing both companies to grow faster in key markets.
“We are incredibly excited to be working with a solid company such as Pet Tonics. We found synergies between our businesses within our first conversation. Pet Tonics’ products are made from Organic and Natural ingredients, our companies strategies align seamlessly and we cannot wait to have the new co-branded products available in Canada, the US, and the key Global markets we are working on such as China, EU, and New Zealand.“ says Fanika Jovanovic Perika, EastWest’s Global Sales Lead. John Eberhard Managing Partner Paws Effect continues “Paws Effect is steadfast in providing “Only the Best for Our Pets.” We are excited to be working with EastWest as both companies align seamlessly in our commitment to quality and service. As more countries adjust legislation in CBD, and the demand for quality CBD products continues to increase, we feel it is vital for companies to position themselves with market-specific co-branding opportunities, product development and international distribution. We are eager to work out the details as we feel this has huge potential.”
The two companies hope to have products available in Canada and the USA by October 1st, with plans to have all available in Global markets December 31st.
About Paws Effect
Paws Effect Nutrition was founded in 2018 by two life long friends who have always been fanatical about the health and wellbeing of their pets. The founders have both gone through the agony of watching a beloved pet suffer through anxiety, hip dysplasia, tumors and more which drove them to create products that are unequalled in the market. Paws Effect lives by their motto “Only the Best for Our Pets” by offering the highest quality CBD tinctures, topicals and 100% Organic baked biscuits in the market. Providing pets with the best chance for a happy and healthy life has driven the Paws Effect team to develop natural pet products that are second to nothing else we have found in the market.
please visit: www.pawseffect.com
About EastWest Bioscience Group
EastWest Bioscience is a vertically integrated wellness company with the infrastructure to become a global giant in the Hemp & CBD consumer health market. Since it was founded in 2016, EastWest continues to grow as a high-quality producer, manufacturer and distributor of multiple lines of premium health and hemp products. EastWest currently has more than 200+ NPN’s in its stable of products.
EastWest’s Hemp consumer product lines are divided into four distinct brands: 1) Natural Advancement – natural biopharmaceutical health supplements; 2) Earth’s Menu – all-natural hemp superfoods; 3) Natural Pet Science – pet food and pet supplements; and 4) ChanvreHemp – all-natural health and beauty products.
In Canada, EastWest has a 34,000 Sq. Ft, Health Canada-licensed, GMP (Good Manufacturing Practices) – certified manufacturing facility and produces premium nutraceutical brands, offering natural products for a preventive care lifestyle. EastWest and Benchmark Botanicals (BBT-CSE) also have a Joint Venture Intent to accelerate acquisition of Processor, Analytical and Research and Development licenses under the Cannabis Act in EastWest’s Penticton facility. These three classes of the Cannabis Act license will allow Benchmark and EastWest to build out an extensive extraction, laboratory, and research facility at EastWest’s Health Canada Certified facility.
In the USA, EastWest USA has a Joint Venture with Azema Sciences, securing for EastWest first rights on Azema’s output of bulk CBD and finished CBD products manufactured, and which are ready for sale in the USA and globally. EastWest Science USA (“EastWest USA”), EastWest’s US operating division, will be the preferred distributor for Azema’s finished goods. These finished products will include CBD creams, tinctures and salves which are products not currently in EastWest’s catalogue. Additionally, EastWest will have first right of refusal to all potential opportunities relating to Azema’s Kentucky based CBD processing facility. EastWest currently has TSX Approval for sale of its consumer products in 21 US States.
EastWest’s international expansion continues with reach into important key markets in New Zealand, Australia, and Asia through a distributor agreement with New Zealand Hemp Brokers. Headquartered in Rotorua, New Zealand, NZ Hemp Brokers have quickly grown to become one of the country’s most trusted industrial hemp wholesalers, and New Zealand’s only import/export broker specialising in hemp products. NZ Hemp Brokers is licensed by the NZ Ministry of Health to grow, trade in and process industrial hemp, are registered brokers and certified in hemp medicine by the NZ Hemp Foundation.
ON BEHALF OF THE BOARD OF DIRECTORS
EASTWEST BIOSCIENCE GROUP
“Rodney Gelineau”
Co-Founder, Chief Executive Officer and Director
TSXV – Symbol: EAST
Company Website: www.eastwestbioscience.com
Contact: Nicholas Vincent – Investor Relations on 1-800-409-1930 or investors@eastwestscience.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms and conditions of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: EastWest Bioscience Group
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