Building on the significant growth of 364%
versus year-ago at 74% gross margin, PureKana recognizes an
opportunity to expand into the $196 million
dollar CBD-infused pet market
VANCOUVER, BC, March 20,
2023 /CNW/ - Simply Better Brands Corp. ("SBBC" or
the "Company") (TSXV: SBBC) (OTCQB: PKANF) is pleased to announce
its PureKana launch of a science-based line of CBD-based products
designed to support specific dog ailments. The product line
includes CBD oil drops, treats, and topicals formulated to address
common issues such as anxiety, inflammation, and skin irritation
and coat health. Per Grandview Research, the global CBD pet market
size was estimated at USD 195.98
million in 2022 and is expected to grow at a lucrative
compound annual growth rate (CAGR) of 31.8% from 2023 to
2030.
PureKana Pets was created with a mission to provide natural,
safe, and efficacious solutions to improve the overall wellness of
pets. "We understand that our furry friends are more than just
pets, they are family," says Kathy
Casey, CEO. "With this loving kinship in mind, we developed
a portfolio of science – based products that can help address some
of the most common health concerns among pets and their owners.
Leveraging consumer data, we estimate 60% of our loyal PureKana
users have a pet in their home. We see meeting their needs as a
sizeable growth opportunity for the brand."
The expanded PureKana Pet offering addresses the needs of pets
in three categories: Calming / Anxiety relief, Hip /Joint
anti-inflammatory, Hair & Coat / Irritation relief & shiny
coat. A portfolio summary is below:
All PureKana Pets products are made from 100% hemp grown in the
USA and are lab-tested for purity
and potency. They are also free from harmful additives and
preservatives, making them a safe and natural alternative to
traditional pet products. "We believe that every dog deserves to
live their best life, and our solutions to common ailments are here
to help them do just that," adds Kathy
Casey. The PureKana Pets launch is planned for the second
quarter of 2023.
Simply Better Brands Corp. also announced that, subject to
regulatory approval, it has issued 150,000 restricted stock units
("RSU's") of SBBC to a director of SBBC which shall vest in 1/4
increments every six months until March 15,
2025. The RSUs are subject to the provisions of the
Company's equity incentive plan, as approved by SBBC's shareholders
at its most recent annual general meeting. The Company relied on
section 5.5(b) of Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI-61-101")
as the exemption from the formal valuation requirements of MI
61-101 and TSXV Policy 5.9 in respect of the grant of RSUs to a
director of the Company as the common shares of the Company are
not listed on a specified market (as the common shares are only
listed on the TSXV). The Company relied on section 5.7(1)(a) of MI
61-101 as the exemption from the minority approval requirements of
MI 61-101 and TSXV Policy 5.9 in respect of the grant of RSUs to
a director of the Company as neither the fair market value of the
subject matter of, nor the fair market value of the consideration
for, the grant of the RSUs to a director of the Company exceeded
25% of the Company's market capitalization.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel
platform with diversified assets in the emerging plant-based and
holistic wellness consumer product categories. The Company's
mission is focused on leading innovation for the informed
Millennial and Generation X generations in the rapidly growing
plant-based wellness, natural, and clean ingredient space. The
Company continues to focus on expansion into high-growth consumer
product categories including plant-based food, clean ingredient
skincare and plant-based wellness. For more information on
Simply Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
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.
Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" and "forward looking statements" as
such terms are used in applicable Canadian securities laws.
Forward-looking statements and information are based on plans,
expectations and estimates of management at the date the
information is provided and are subject to certain factors and
assumptions, including, among others, that the Company's financial
condition and development plans do not change as a result of
unforeseen events, the impact of the COVID-19 pandemic, the
regulatory climate in which the Company operates, the Company's
ability to execute on its business plans, distribution plans,
reliance on a consistent supply chain, and claims relating to the
efficacy and results of the Company's products. Specifically, this
news release contains forward-looking statements relating to, but
not limited to, timing and launch of new product offerings;
consumer expectations and interest in the Company's products; and
future product expansion plans.
Forward-looking statements and information are subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking statements and
information. Factors that could cause the forward-looking
statements and information in this news release to change or to be
inaccurate include, but are not limited to, changing consumer
preferences, the impacts of COVID-19, that the Company's
financial condition and development plans change, ability to
obtain necessary regulatory approvals and product viability and
risk, as well as the other risks and uncertainties applicable to
the Company and the industries in which it operates, and as set
forth in the Company's annual information form available under
the Company's profile at www.sedar.com.
There is no representation by the Company that actual results
achieved will be the same in whole or in part as those referenced
in the forward-looking statements and the Company does not
undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by applicable securities law.
SOURCE Simply Better Brands Corp.