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) -- Jeffs' Brands Ltd (the “Company”) (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplace, today announced it has entered into a letter of intent ("LOI") with SciSparc Ltd. ("SciSparc") (Nasdaq: SPRC), a specialty pharmaceutical and food supplements company, 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, Jeffs' Brands will be responsible for the online marketing of the products developed by SciSparc as part of the JV. Decisions 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 Chairman of the Company, is the Chief Executive Officer of SciSparc and a director of the Company is the Chairman of SciSparc.
About Jeffs’ Brands Ltd. (Nasdaq: JFBR):
Jeffs' Brands Ltd is transforming the world of e-commerce by creating and acquiring products and turning them into market leaders, tapping into vast, unrealized growth potential. Through our stellar team’s insight into the FBA Amazon business model, we’re using both human capability and advanced technology to take products to the next level. For more information on Jeffs’ Brands Ltd, visit https://jeffsbrands.com
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.
SciSparc also 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 hair treatment products that are all manufactured in the United States. Wellution™ offers eight variations of natural hemp candy supplements under two parent Amazon Standard Identification Numbers (“ASINs”) on Amazon that are differentiated by their hemp oil potency. The leading parent ASIN, which was launched in 2019, has received over 26,500 reviews and is consistently ranked as the #1 best seller in the category. In total, the brand has over 40,000 product reviews, most of which are 4 and 5-star reviews.
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