Tel Aviv, Israel, June 07, 2023 (GLOBE NEWSWIRE) — Jeffs’ Brands Ltd (the “Company” or “Jeffs’ Brands”) (Nasdaq: JFBR), a data-driven e-commerce company operating on the Amazon Marketplace, today announced that SciSparc Nutraceuticals Inc. ("SciSparc Nutraceuticals"), in which the Company owns a 49% equity interest, has entered into an exclusive license and distribution agreement to sell and market CannAmide™ on the Amazon.com marketplace in Canada (“License Agreement”). The exclusive license was granted by SciSparc Ltd. (Nasdaq: SPRC), a specialty clinical-stage pharmaceutical company focusing on the development of therapies to treat disorders of the central nervous system.
CannAmide™ is an immediate unique palmitoylethanolamide (PEA) oral formulation for the reduction of chronic pain and inflammation. CannAmide™ is currently available in tablet form, with each dose containing a 400mg active pharmaceutical ingredient. It has been designated a product license issuance from the Natural and Non-prescription Health Products Directorate (NNHPD) from Health Canada, for sale as a supplement within the nutraceuticals market. PEA is a cannabinoid mimetic lipid molecule found throughout the body, including the central nervous system. Similar to cannabinoids, PEA has been shown to have neuroprotective, anti-inflammatory, analgesic and anti-convulsant properties.
SciSparc Nutraceuticals’ business focusses on the sale of hemp seeds’ oil-based products on the Amazon.com marketplace, under the brand Wellution™. SciSparc Nutraceuticals plans on expanding its reach by marketing its brand’s products in additional global markets and by broadening its products’ offering.
Pursuant to the License Agreement, SciSparc Nutraceuticals will purchase CannAmide™ at a cost price plus 3% of gross revenues. The License Agreement is for a term of 12 months and may be terminated by either party with 30-days’ advance notice. The License Agreement also contains customary representations, warranties, covenants and indemnification provisions.
About Jeffs’ Brands Ltd
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
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