COSTA MESA, CA – (December 30, 2020) – Sipp Industries, Inc. (OTC Markets: SIPC), a corporation specializing in manufacturing and distribution of commercial and consumer products, and the producers of craft hemp-infused beer and other fine alcohol and non-alcoholic beverages, provides corporate update to shareholders.
In August, the Board of Directors appointed Nick Pelletiere as the new acting Chief Executive Officer of Sipp Industries. Pelletiere and Sipp Industries’ continued focus is on developing and growing a portfolio of high value brands in the hemp-infused beer and spirit space.
Due to the imposed shutdown of bars and restaurants to help curb the spread of COVID-19, the Company has halted the production and sale of its hemp-infused IPA beer. To compensate for the lack of on premise sales, management explored options of producing other alcohol and non-alcohol beverages which can be sold via traditional retail and online channels.
To expand its portfolio, the Company acquired the equity interest of Elite Beverage International (EBI) from Wanderport Corporation (OTC Markets: WDRP). EBI is the importer, brand owner and producer of various alcohol beverages including the flagship product, Tequila Comisario. Tequila Comisario is the winner of Double Gold awards in the 2019 World Spirits Competition. The products are being sold in over 30 states with new territories being added on a regular basis.
To further expand its offering, the Company has entered into a joint venture with Green Cures & Botanical Distribution (OTC Markets: GRCU) to produce a premium high-proof gin, Contagin. The production is expected to begin in January and distribution shortly thereafter. The gin is being evaluated by an online distributor with access to 28 states, as well as regional and national spirits distributors from established relationships.
The Company has also been in talks with a local craft brewery and spirit distillery to produce hemp-infused beers and other spirits for the California markets. Sipp will continue to monitor the reopening of the economy and will introduce these products accordingly.
Sipp Industries remains at the forefront of developing alcohol and non-alcoholic beverages infused with cannabinoids such as Cannabidiol (CBD) and Tetrahydrocannabinol (THC) and has multiple alcoholic recipes awaiting approval with the Alcohol Tobacco Tax & Trade Bureau (TTB) and the Food & Drug Administration (FDA). At the present the Company is still awaiting further clarification on infusing cannabis with alcohol.
The Company, as well as many other cannabis-driven corporations and advocates, expect continued laxing of federal cannabis laws which will inevitably allow cannabis to be infused in beverages. At that time, Sipp Industries will be well positioned to benefit as a first mover with already developed recipes to either begin production or license its intellectual properties.
As federal alcohol and cannabis laws continued to evolve, the Company is investing into the research and development of a THC infused non-alcoholic beer in a cannabis legal state. Discussions with potential distribution partners for the final product has begun. The Company is pleased with the overall progress and will provide additional details about this initiative in early January.
“The pandemic had caused an unexpected disruption to our business this year. Despite the major setback, we were able to explore and initiate several new initiatives with the goal of improving sales and margins,” commented Nick Pelletiere, Acting Chief Executive Officer. “We appreciate our shareholders for their loyalty and patience. We are excited about the projects underway and we look forward to deliver value for both our shareholders and customers,” concluded Pelletiere.
About Sipp Industries, Inc.
Sipp Industries is a corporation specializing in manufacturing and distribution of commercial and consumer products, and the producers of craft hemp-infused beer and other fine alcohol and non-alcoholic beverages.
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.
Sipp Industries, Inc.