FBEC Worldwide (OTCMKTS:FBEC) announced that it has signed a letter of intent to form a strategic partnership joint venture with DuBe, a hemp energy shot brand.
As quoted in the press release:
The two companies have come to terms on the development of a strategic partnership designed to fast track the expansion of the WolfShot™ and DuBe® hemp energy shots. The new partnership entity will also bring to market additional hemp, CBD, and cannabis related products. The Joint Venture will cross market and distribute both WolfShot™ and DuBe® family of products through one entity.
DuBe® already has a strong, national distribution network placing their hemp energy shot firmly in over 12 states, while FBEC Worldwide is set to begin distribution rollouts shortly. DuBe® has sold well over 1 Million units of their hemp infused energy shot generating over $1M in sales revenue. The new Joint Venture will bring FBEC Worldwide, Inc. instant revenue lines and cash flow to the Company.
DuBe® will also work closely with FBEC Worldwide’s Scientific Advisory team to bring new products to market including their current lines of hemp infused lip balm, CBD vaporizers, and rolling papers but also future lines like coffee, teas, power bars and infused liquor products. DuBe® has an existing relation with Green Cross of America in Nevada to develop THC and CBD brands of DuBe®.
Jason Spatafora, CEO of FBEC Worldwide, commented:
The DuBe® team is committed to all aspects of building a world-class quality brand, and the company is now looking forward to building that brand with FBEC Worldwide, Inc. Creating great products and brands isn’t just about the idea, success is about timing, execution and gaining market share via strong team. We are confident FBEC and their CEO will bring DuBe® and WolfShot™ to the next level and operate with greater economies of scale needed in today’s market.