Business
iBrands Corporation Letter to Shareholders January 2020
iBrands Corporation Letter to Shareholders January 2020.
About this update from I Brands Corp
[{"type":"text","content":"iBrands Corporation Address To Shareholders(OTC PINK: IBRC) (\"the Company\"), a diversified holding and branding company, announces a letter to shareholders and interested parties.Dear Shareholders,The company is pleased to report that we've been able to generate positive momentum in 2019. We were able to significantly decrease our liabilities and operating costs while focusing on core business opportunities. These moves have allowed us to streamline our operational focus to high-growth industries in both the industrial hemp and cannabis-related sectors.We believe that with the rollout of iBrands Farms industrial hemp agribusiness, and additional solid niche opportunities within the cannabis and industrial hemp sectors position iBrands to make substantial progress in 2020 which will further enhance value for our shareholders,\" said CEO Hugh Kelso.Corporate Updates:OTC Markets Current InformationThe Company has updated its current financial reports through the OTC Markets Information and News Disclosure Service. We are currently in the review process for removing the Caveat Emptor designation. DivestituresThe Company divested of subsidiary companies Cherubim Interests Inc., Victura Construction Group Inc., and PDX Partners Inc., to new merger candidates seeking to enter the public markets. iBrands Corporation maintains a small equity interest in each company moving forward.iBrands FarmsThe company launched its ecommerce site in late 2019.iBrands Farms has over 40 retail industrial hemp derived CBD products ranging from smokables, isolate by the ounce, topicals, edibles, and dog treats.From almost nothing, in 2015, the market for consumer sales of hemp-derived CBD products grew to a cool $90 million. Add to that another $112 million in marijuana-derived CBD products, which were sold legally through dispensaries, and you have a total CBD market of $202 million in 2015.In 2016, the total retail value of hemp products sold in the U.S. reached $688 million. Hemp-derived CBD products are estimated to contribute up to $130 million of that figure. A report produced by the editors of Hemp Industry Daily says retail sales of CBD in the United States are on track to surpassing $1 billion in 2019. This would imply 133% growth over 2018 sales.The 2019 Hemp & CBD Industry Factbook says CBD retail sales i...