January 14, 2019 - Dixie Brands Announces New President for its Hemp-Infused Pet Wellness Subsidiary Therabis
DENVER, Jan. 14, 2019 /CNW/ - Dixie Brands Inc. ("Dixie" or "the Company") (CSE: DIXI.U), one of the cannabis industry's leading consumer packaged goods ("CPG") companies, has announced new leadership and priorities for its pet wellness company Therabis. Dixie has hired specialty pet food and CPG veteran Bob Rubin as the first President of Therabis with the objective of significantly growing the brand's retail presence and sales.
"Therabis has tremendous potential as a product that can improve the quality of life for the pets which so many of us consider to be part of our families," said Chuck Smith, President and CEO, Dixie Brands. "We are very pleased to continue the national roll-out of the brand under Bob Rubin's leadership. Therabis is positioned for accelerated growth in 2019 as we broaden its distribution and continue to innovate with the introduction of feline and equine products, as well as ongoing additions to our existing canine line."
In his role at Therabis, Mr. Rubin will be responsible for executing on the compelling opportunities available to the brand as an early mover in the growing hemp-infused pet supplement category. Therabis plans to significantly expand its "bricks and mortar" presence in 2019 to complement its successful e-commerce platform, www.therabis.com. Therabis recently signed an agreement with Central Garden & Pet, a distributor with access to thousands of retail locations nationwide, and is targeting additional retail relationships.
"I am incredibly excited to join the Therabis team," said Mr. Rubin. "As an executive in the pet food industry, I have followed the hemp-infused category with great interest. I believe that Therabis' formulas, developed by veterinarian Dr. Steven Katz, are the best and most effective in the market today."
Mr. Rubin has over 10 years of experience in the pet food industry. As CEO and President of natural and holistic pet food company Solid Gold Pet since 2015, he repositioned the brand and led the expansion of its distribution to the world's largest pet specialty retailer as well as its successful entry into the Chinese market. As Chief Financial Officer and Chief Strategy Officer of Nature's Variety, he helped quadruple annual sales to more than $100 million, driven by the repositioning of the Instinct® pet food brand. From 2006 to 2012, Mr. Rubin was a partner in two private equity firms where he developed and implemented optimization strategies for portfolio companies in the consumer sector. He previously spent 10 years in senior marketing, corporate development and general management roles at Spectrum Brands, a consumer products company known for such brands as Spectracide®, Cutter® and Nature's Miracle®.
Therabis currently offers a line of canine products in the hemp-infused pet supplement category. Hemp contains naturally occurring molecules, including cannabidiol ("CBD") and other cannabinoids, which research has shown to provide health and wellness benefits to humans and animals.
Dixie Increases its Ownership in Therabis
Dixie Brands also announced that it has purchased the 25% stake in Therabis held by one of its minority partners, "Rose Capital Fund I, LP and affiliates" ("Rose Capital"). With the purchase, Dixie Brands solidifies its ownership of this strategic business unit to an 85% share. As an original investor in Therabis in 2016, Rose Capital had achieved its investment objectives and executed a strategic exit. The remaining shareholder is Therabis co-founder Dr. Stephen M. Katz, whose proprietary formulations are backed by over a decade of research and refinement in his own veterinary practice.
About Dixie Brands, Inc.
Dixie Brands Inc., which has been formulating award-winning THC and CBD-infused products since 2009, is expecting to double its manufacturing and distribution capabilities in 2019 in the U.S. as well as expand internationally, including Canada. Dixie leads the global industry in the development, packaging design, product innovation and quality control for the commercial production of cannabis infused products. While the Company started with a single flagship product, the Dixie Elixir (a THC-infused soda), it is now one of the industry's most recognized consumer brands, expanding to over 100 products across more than 15 different product categories representing the industry's finest edibles, tinctures, topicals and connoisseur grade extractions, as well as world-class CBD-infused wellness products and pet dietary supplements. Dixie's executive team has been instrumental in the formation of the marijuana industry for recreational and medicinal use, serving as founding members on several national regulatory and business-oriented industry organizations. To find out more about Dixie's innovative products, or about how Dixie is building the future of cannabis, visit www.dixiebrands.com.
About Rose Capital
Rose Capital is a strategic advisor and investment firm focused on the global medical and adult use legal cannabis sector. It is funded by a small consortium of partners looking to access the industry through a diversified, long-term, and value-focused investment strategy. Rose Capital manages an ecosystem of best-in-class operating assets across the data & analytics, distribution & logistics, and consumer packaged goods verticals in the U.S. and global cannabis markets. For more information, visit: www.boldrosecapital.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dixie and its subsidiary entities or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties.
These risk factors are discussed in detail under the heading "Risk Factors" in the listing statement filed on SEDAR. New risk factors may arise from time to time and it is not possible for management of the Company to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking statements contained herein are based on certain key expectations and assumptions, including that: (i) there will be no material adverse competitive or technological change in condition of the Company's business; (ii) there will be a demand for the Company's products that the Company has accurately forecast; and (iii) there will be no material adverse change in the Company's operations, business or in any governmental regulation affecting the Company or its suppliers.
Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Dixie cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, other than as required under applicable securities legislation.
The CSE has neither approved nor disapproved the contents of this news release.
SOURCE Dixie Brands, Inc.