IBRC .0029: 1st Nations, Federal Law and CBIS(!):
"iBrands Corporation Inc. (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."
AI
