Business
SciSparc Enters Into Letter of Intent with an E-commerce Company to Establish a Joint Venture to Market and Develop a New Product Line
The new line of products will be in the fields of quality health and lifestyle products such as nutritional and dietary supplements for various purposes TEL
About this update from Scisparc Ltd.
[{"type":"text","content":"The new line of products will be in the fields of quality health and lifestyle products such as nutritional and dietary supplements for various purposes TEL AVIV, Israel, Nov. 15, 2022 (GLOBE NEWSWIRE) -- SciSparc Ltd. (Nasdaq: SPRC), a specialty, clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system (the “Company” or “SciSparc”), today announced it has entered into a letter of intent (\"LOI\") with Jeffs' Brands Ltd (\"Jeffs' Brands\") (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplace, to establish a joint venture (\"JV\") for the development of a new food supplements product line and its online marketing. The LOI contemplates that the two companies will form a JV in which they each own 50%. The transaction will be subject to the negotiation and preparation of definitive documentation. Upon entry into definitive documentation, SciSparc will be responsible for the development of the new product line that will be marketed by Jeffs' Brands as part of the JV. A decision regarding which products to develop will be made by the two companies and will be based on Jeffs' Brands' advanced technology analysis of in-demand products with potential high profitability. Mr. Oz Adler, the Chief Executive Officer of the Company, is the Chairman of Jeff’s Brands and the Chairman of the Company is a director of Jeff’s Brands. About SciSparc Ltd. (Nasdaq: SPRC) SciSparc Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists. SciSparc’s focus is on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the Company is currently engaged in the following drug development programs based on THC and/or non-psychoactive cannabidiol (CBD): SCI-110 for the treatment of Tourette Syndrome, for the treatment of Alzheimer's disease and agitation; SCI-160 for the treatment of pain; and SCI-210 for the treatment of autism spectrum disorder and status epilepticus. About SciSparc Nutraceuticals Inc. SciSparc owns Wellution™, a brand that sells dozens of hemp-based products, including hemp gummies, hemp oil capsules, hemp gel, hemp cream, detox pills, height pills, antibacterial creams, and anti-aging creams, among other beauty and ha...