Endexx Subsidiary CBD Unlimited, Inc. Enters into a Joint Venture Operating Agreement

Rhea-AI Summary

Endexx Corporation (OTC: EDXC) announced that its subsidiary, CBD Unlimited™, has formed a Joint Venture, holding a 70% stake and appointing three of five directors. CBD Unlimited will manage the venture, focusing on sourcing and marketing various branded products. The venture has secured a five-year endorsement agreement with a celebrity entity. Initial funding for this agreement will be provided by Endexx. Further details on the joint venture's branding and products will be disclosed post-completion of preliminary requirements.

Positive

• Joint Venture formation allows CBD Unlimited to expand its market presence.
• 70% ownership and management control enable strategic direction for the Joint Venture.
• Endorsement and License Agreement with a celebrity may enhance brand visibility.

Negative

• Initial funding obligations may impose financial strain on Endexx.
• Dependence on the Joint Venture could pose risks if market conditions change.

CAVE CREEK, AZ, Oct. 19, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire ‒ Endexx® Corporation (OTC: EDXC) (the “Company”), a lifestyle company focused on the intersection of science, compliance, and formulation of innovative phytonutrient-based food and nutritional products, today announced its subsidiary, CBD Unlimited™, Inc., has entered into a Joint Venture arrangement.

CBD Unlimited owns 70 percent of the Joint Venture entity and will appoint three of its five directors. CBD Unlimited will also serve as the Manager of the Joint Venture and will conduct the Joint Venture’s Business of sourcing, producing, manufacturing, marketing, distributing, and selling various Branded Products and related activities. The Joint Venture entity has also entered into a five-year Endorsement and License Agreement with a World Class Celebrity Entity.

Endexx will provide the Joint Venture entity the initial funding for the initial payments under the Endorsement and License Agreement and CBD Unlimited, Inc. is obligated to provide such funding through the Joint Venture entity. Details of the Joint Venture entity, its brand name, product category, and the celebrity endorsement will be released following the completion of various basic requisites and the new brand is ready to be released and rolled out to the market.

About Endexx

Endexx Corporation and its Division CBD Unlimited develops and distributes all-natural products from the cannabis sativa-L plant (hemp) with less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief. The science behind these products involves over half a decade of research and experiments in order to perfect the accuracy in dosage and delivery of absorption per each serving. 

Safe Harbor Notice

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements. 

Contact:

For further investor and media information, please contact:
Endexx Corporation
Todd Davis
Chairman & CEO
investorrelations@cbdunlimited.com
480-595-6900

FAQ

What is the significance of Endexx Corporation's Joint Venture announced on October 19, 2020?

The Joint Venture allows CBD Unlimited to expand its market reach and product offerings while maintaining management control.

What percentage of the Joint Venture does CBD Unlimited own?

CBD Unlimited owns 70 percent of the Joint Venture.

What type of agreement has the Joint Venture entered into?

The Joint Venture has entered a five-year Endorsement and License Agreement with a celebrity entity.

How will the initial funding for the Joint Venture be provided?

Endexx will provide the initial funding necessary for the Joint Venture's endorsement agreement.

When will more information about the Joint Venture's branding and products be released?

Details regarding branding and products will be shared once preliminary requirements are met.