Dewmar International BMC Inc. (OTCPINK: DEWM) announced Apr. 29 that it will be rebranding its Lean Slow Motion Potion relaxation in order to improve consumer brand awareness, increase sales to a more general populous and to effectively meet the guidelines set forth by the FDA that will allow Lean to be marketed as a conventional food.
The Clinton, Miss-based company that sells cannabis-based beverages said it has responded to and addressed the concerns raised by FDA regarding the Lean Slow Motion Potion relaxation beverage labeling. As part of its response effort, Dewmar engaged consultants from FDAImports.com with extensive FDA knowledge and direct work experience.
Will Stay in Full FDA Compliance
A review of all policies and procedures related to the manufacturing and marketing of Lean Slow Motion Potion relaxation beverage was conducted by the FDA consultants to assure Dewmar, its investors, marketing partners, distributors, retailers and the FDA that the company will stay in full compliance with relevant food and beverage manufacturing practices, and labeling guidelines.
Dewmar manufactures Lean Slow Motion Potion relaxation beverage in FDA registered and inspected manufacturing facilities that follows strict FDA Good Manufacturing Practices regulations.
All Dewmar warehouses are FDA registered and inspected as well. The filed response to the FDA detailed specific steps that Dewmar is taking to address FDA concerns. Dewmar continues to move forward with an aggressive growth strategy for its Lean Slow Motion Potion relaxation beverage brand of products.
Dewmar acquired services of three firms to assist in the rebranding, repackaging, relabeling and improved graphical design of its flagship beverage; HBS Media, Dominant Design Group and Advertising Arts Studios. HBS Media, a Dallas, TX based firm, is responsible for providing Dewmar with a mood board to give them an idea as to how the new Slow Motion Potion logo, background and can color texture will work together.
On Apr. 30, DEWM’s share price closed at 0.0066 cents, down 0.0004 cents from the previous day’s closing price of 0.0071, on volume of 170,231,482 shares.
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Medical Marijuana Inc. and Dixie Holding Settle Year-Old Dispute
In other news, Medical Marijuana Inc. (OTCPINK: MJNA) and Dixie Holdings, the owner of Dixie Elixirs and Edibles and Medical Marijuana Inc. have agreed to settle a year-old dispute and execute a mutually beneficial Asset Purchase and Settlement Agreement.
While financial terms of the settlement were not disclosed, the core elements are as follows:
-Dixie Holdings (DH) agrees to sell its interest in Red Dice Holdings (RDH) to Medical Marijuana, Inc. (MJNA);
-DH also agrees to purchase its brand and all intellectual property from RDH pertaining to Dixie Elixirs and Edibles, enabling DH to develop and expand its family of THC-infused products, and;
-As part of the sale of RDH, MJNA will own the brand and IP specific to Dixie Botanicals, allowing it to focus that brand specifically on Hemp derived CBD based products.
While the terms of the agreements will go into effect immediately, DH will continue to operate RDH through a 90-day transition period turning over all aspects of the Dixie Botanicals product line to the designated MJNA representatives, ensuring a smooth transition for all of Dixie Botanicals loyal customers.
On Apr. 30, MJNA share price closed at 19 cents, unchanged from its closing price of the previous day.
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Vapor Corp. Changes its Board of Directors and CEO to Comply with NASDAQ Uplist
Meanwhile, Vapor Corp. (OTCQB: VPCO) announced Apr. 28 that the company's Board of Directors has reconstituted itself to consist of five (5) members, a majority of whom each qualify as an "independent director" as defined in NASDAQ Marketplace Rule 5605(a)(2) and the related NASDAQ interpretative guidance.
The formation of an Independent Board of Directors is a requirement to uplist to the Nasdaq Exchange. The Dania, Beach-Fla.-based e-cigarette maker also announced that its President, Jeffrey E. Holman, has been appointed as its chief executive officer. These actions are effective Apr.25, 2014.
Mr. Holman stated, “The variety and wealth of experience that our new Board Members bring to Vapor Corp. is invaluable. From both financial and strategic standpoints we have a Board that can continue to help us to successfully navigate the rapidly changing waters of this industry. I am extremely excited to be working with this group of extraordinarily intelligent and knowledgeable people.”
Specifically, the Board's reconstitution consisted of the following:
- the Board elected each of Robert J. Barrett III, Angela Courtin and Frank E. Jaumot as a member of the Board to serve until his/her successor is duly elected or until his/her earlier resignation or removal from office. Mr. Barrett, Ms. Courtin and Mr. Jaumot each qualify as an "independent director" as defined by NASDAQ Marketplace Rule 5605(a)(2) and the related NASDAQ interpretative guidance;
- Kevin Frija, and Doron Ziv, incumbent members of the Board, resigned;
- The Board elected Jeffrey E. Holman, an incumbent member of the Board, as Chairman of the Board; and
- the size of the Board was increased to and fixed at five (5) members from four (4) members.
After reconstituting the Board, the five (5) members of the Board are Jeffrey E. Holman, Robert J. Barrett III, Angela Courtin, Frank E. Jaumot and Ryan Kavanaugh.
On Apr. 28, VPCO’s share price closed at $6.40, up 4 cents from its close of $6.36 cents the previous day.
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