SBBC completes exit of all cannabidiol (CBD) related business units with the divestment of its Seventh Sense brand
Company plans to pursue sale of No B.S. Skincare Brand
VANCOUVER, BC, Jan. 16, 2025 /CNW/ - Simply Better Brands Corp. ("SBBC" or the "Company") (TSXV: SBBC) (OTCQB: SBBCF), a rapidly growing brand accelerator in the global protein-based nutrition category, offering innovative, plant-based protein products that prioritize clean ingredients and exceptional taste, today announced two key strategic actions that the company is taking to further streamline its product portfolio, drive the continued market expansion of its hero brand TRUBAR™ and sharpen its focus on profitable growth and value creation.
Simply Better Brands Corp. Logo (CNW Group/Simply Better Brands Corp.)
SBBC recently finalized the sale of its Seventh Sense brand and, as a result, has completed its exit of the company's cannabidiol (CBD) business. The sale of Seventh Sense follows SBBC's decision to cease operations of its PureKana business and the divestiture of the Vibez brand during 2024.
In a further action to streamline and focus its product portfolio, SBBC plans to initiate a process in the near future to sell its interest in its No B.S. skincare brand.
"We are excited to announce the sale of our last remaining CBD asset and initiating a process to pursue the sale of the No B.S. brand," said SBBC Chairman and Chief Executive Officer J.R. Kingsley Ward "These actions have a clear strategic focus to further streamline our product portfolio and pave the way for us to direct additional resources and attention to driving the growth and continued momentum of TRUBAR™ in North America and international markets. Based on our success with TRUBAR™ and supported by our Board's strategic expertise, we are now actively evaluating new opportunities in the fast-growing "Better-for-You" consumer product categories that represent a good fit for SBBC and attractive potential for value creation."
About Simply Better Brands Corp.
Simply Better Brands Corp. is a rapidly growing brand accelerator in the global protein-based nutrition category, delivering premium protein products made with clean ingredients, exceptional taste, and a commitment to sustainable health and wellness. Focused on innovation and customer empowerment, the company aims to redefine modern nutrition while expanding its reach in this dynamic market. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
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Certain statements contained in this news release constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") as such terms are defined under applicable Canadian securities laws and are based on plans, expectations and estimates of management at the date of this news release. Forward-looking statements include, without limitation, the availability of funds under the credit facility, the approval of the TSX Venture Exchange, the anticipated benefits of the financings and the growth in distribution for the TRUBAR plant-based protein bar, anticipated use of proceeds from the credit facility and Promissory Notes, and statements with respect to the future business and operations of the Company. The words "engaged in", "evaluating", "continuing to", "is reviewing", "potential", "intend", "anticipates", "believes", "aims", "plans", "expects" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can", or negative versions thereof, "occur", "continue" or "be achieved", and other similar expressions, identify forward-looking statements. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this news release are based on various assumptions, including, but not limited to, the following: the ability of the Company to achieve its growth and revenue strategies; the demand for the Company's products; that the Company's financial condition and development plans do not change as a result of unforeseen events; the regulatory climate in which the Company operates; and the Company's ability to execute on its business plans. Known and unknown risk factors, many of which are beyond the control of the Company, could cause the actual results of the Company to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to: the impact of foreign exchange rates; pricing pressures; general adverse economic, market and business conditions and those factors which are discussed in the Company's management discussion and analysis for the year ended December 31, 2023, which is available under the Company's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect the Company, and the reader is cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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