Company finalizing Texas brewing regulatory documentation
COSTA MESA, CA – (GlobeNewswire – January 21, 2020) – Sipp Industries, Inc. (OTC: SIPC), a corporation specializing in manufacturing and distribution of commercial and consumer products, and the first publicly traded company in America whose primary focus is the production and sales of hemp-infused beer, provides corporate update to shareholders.
The Company has nearly completed the process for acquiring approval from the Texas Alcohol Beverage Commission (TABC) to begin brewing and distribution of Major Hemp HIPA in Texas with its Texas based brewing partner, Nine Band Brewing.
Upon official approval, the Company plans to produce an initial batch of HIPA that will be sold on-premise, as well as a larger run for broader distribution throughout the South and Western portions of the country. Nine Band has a strong distribution network which Sipp Industries plans to leverage as it initiates new regional distribution efforts.
In the Chicago market, the Company experienced hurdles with distribution in the third and fourth quarters of 2019 as its primary distributor, B&D Syndicate (formerly Wein-Bauer) unexpectantly went out of business. The remaining inventory was re-routed to its other distributors Mahaska and Egizii in Iowa and Central Illinois, respectively. The Company has been exploring several options to fill the void created by B&D Syndicate and expects to see positive results later this quarter.
Sipp Industries is in discussions to develop new flavors and styled hemp beer variations to be produced and distributed in addition to HIPA.
The Company is still trying to gain approval from the Alcohol Tobacco & Trade Bureau (TTB) for its CBD-infused beer which is still under review awaiting government determination.
Major Hemp HIPA continues to receive consistently high reviews on social networking ratings site www.untappd.com and is one of the highest rated hemp beers on the market today.
The Company believes hemp and cannabis infused beers will continue to be a growing craft beer category. It is taking steps to expand HIPA’s footprint by leveraging its current TTB approved hemp beer recipe and brewing partners to entertain licensing options with various companies throughout the country.
To consolidate and repositioning, the Company has closed it office in Colorado and plans to focus and expand its presence in Texas and California to capture the huge craft beer markets in those areas.
To diversify and improve its fundamentals, the Company plans to expand its revenue streams to include additional SKUs in the beverage and hemp sectors. Additional details regarding the new businesses will be provide throughout this quarter.
The Company has been working with OTC Markets to become current and expects this process to be completed by early next month.
About Sipp Industries, Inc.
Sipp Industries is a corporation that specializes in manufacturing and distribution of commercial and consumer products, and the first publicly traded company in America whose primary focus is the production and sales of hemp-infused beer.
Website: https://sippindustries.com
Facebook: https://www.facebook.com/SippIndustries
Twitter: @SippIndustries
Forward Looking Statements:
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team.
Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management’s plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management’s control.
Contact:
Ted Jorgensen
Major Hemp President
Sipp Industries, Inc.
Investor Relations
ir@sippindustries.com
949.220.0435
