CEO Brian Weber is a complete idiot! That might be good lawsuit material.
Unfortunately the whole project got stuck due to multiple other Bebida Bev issues. In closing , our team both on the Cheech and Chong team and ours felt it was a good idea to start taking pre orders for the drinks to get the social side in gear before the product came out specific to drive demand ..No different than APPLE does when they launching a new phone or any other product thats pre ordered.
So BW willingly took money from "pre-orders" knowing that there was not going to be any product "the whole project got stuck". APPLE (there goes BW tossing out big words again) can take pre-orders because they have already determined demand and production has already been paid and ACCOUNTED for. Accounting, something the CEO is completely unfamiliar with and disregarded it as a waste of money (re: removal of ex-fortune 1000 accountant Jennifer Powell)!
There is nothing in the press release that said we bought back stock.