Sire announces the Company has commenced discussions, as well as entered into a non-binding CBD Commercialization and Consulting Letter of Intent.
Sire Bioscience Inc. (SIRE) (CSE:SIRE, FRA:BR1B,OTCX:BLLXF), a Health Canada hemp license holder with a goal of becoming a vertically integrated CPG leader in the CBD marketplace, is pleased to announce the Company has commenced discussions, as well as entered into a non-binding Cannabidiol (“CBD”) Commercialization and Consulting Letter of Intent (“LOI”), dated September 24, 2019, with Fusion Nutrition Inc. (“FUSION”), a nationally branded supplement manufacturer.
The 20 year old Canadian-based, leading supplement company has national distribution and currently hosts up to 9 brands, including PURPLE-K, the king of creatine. Fusion Nutrition has some of the fastest-growing supplements in Canada and numerous category leaders sold in Canada’s top five sports nutrition retailers. To add more depth to their lineup, Fusion is also currently ramping up the release of its protein powder called PROZILLA. You can learn more about Fusion Nutrition at fusionmuscle.com.
Ryan Herniman, Fusion President, comments, “Within the sports nutrition space a more obvious synergy has never presented itself. With our combined experience in the world of CPG’s we’ll not only be able to develop world-class offerings but we’ll be able to help a lot of people and that motivates us tremendously. It’s an exciting new time in sports nutrition and we’re thrilled to be working with Sire on this initiative.”
The sports nutrition market is vast – covering a wide range of categories such as protein powders, protein bars, branched-chain amino acids (BCAAs), pre-workout blends, nitric oxide boosters, and creatine supplements. Largely driven by the Millennial demographic, the market shows no signs of slowing down. According to Allied Market Research, the global sports nutrition market is expected to reach $44 billion by 2021.
Meanwhile, cannabis industry analyst, Brightfield Group, advises the hemp-CBD market alone could hit $22 billion by 2022. Brightfield Group also comments that CBD trials have been found to be particularly effective at treating conditions of pain, sleep disturbance, spasticity, and seizures, as well as decreasing one’s dependency on other drugs such as opioids.
Jeff Zanini, Sire CEO, comments, “The union of these two massive industries will create a business-related sonic boom. Sports nutrition combined with CBD is a winning formula. It’s also aligned with everything that Sire is all about – such as having an early-mover advantage to win the CPG race, staying on the fastest track to revenue and profits, and elevating the consciousness of humanity, all while sustainably increasing shareholder value. This is a pure winner and we couldn’t be more excited.”
The non-binding LOI contemplates the branded and private label creation and supply of Sire’s House of Brands portfolio of CBD-infused CPG products.
Terms of the LOI include but are not limited to:
- Scientific study and analysis of the CBD/sports nutrition industry to ensure best-in-class deliverable methods.
- Regulatory analysis to ensure compliance with regulatory bodies in Canada, supporting fastest “go-to-market” strategy.
- Exclusivity of arrangement between SIRE and FUSION.
- Exchange of Branding, Licensing and Intellectual Property.
There is no guarantee the transaction proposed will be completed. Sire will provide further disclosure by way of press release and updates as such additional information becomes available.
About Sire Bioscience
Sire’s principal business activity is to engage in the investment, production of and sale of hemp for CBD extraction. Sire has its wholly-owned, state-of-the-art facility in Leamington, Ontario – a preeminent locale for hemp cultivation in Canada. The land parcel includes 50 acres of prime horticultural land, with a 160,000 sq. ft facility of combined greenhouse and indoor space. Our goal is to become a vertically integrated CPG life science company with our “House of Brands” offering. Sire is headquartered in Toronto, Ontario and is backed by a group of successful entrepreneurs who have extensive experience in the areas of manufacturing, logistics, and renewable energy.
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Sire Bioscience Inc.
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