Galexxy’s Wellbeing Farms Subsidiary Finalizes its Product Supply Agreement for Chicago Market
CALIFORNIA, Newport Beach, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Galexxy Holdings Inc., (“Galexxy”) (OTC: GXXY) is pleased to announce that its 100% owned subsidiary, Wellbeing Farms LLC, (“WellBeing,” “WBF”) has executed an exclusive Supply Agreement with AMM Distributors Inc., (“AMM”). This product Supply Agreement supports WBF’s recently signed lease agreement in December 2022 for 40 Smart Vending Kiosks being installed in licensed outlets in the Chicago area.
The Smart Kiosks which have advanced software and age verification capability will offer a range of CBD products including gummies, vapes and tinctures. Under the terms of this Supply Agreement, Wellbeing has retained the right to stock 50% of each Kiosk’s vending capacity for direct retail sales of its own Wellbeing Farms house brand, at full profit margin.
Product sales from these first 40 units are projected to average approximately $90,000 per month and subject to satisfactory overall performance, AMM has indicated they have an established cliental and sizable network to place large Smart Kiosk orders. Early discussions around their new business pipeline, targets a potential need for more than 10,000 kiosks in the medium term. Management is also in discussion with several other potential customers who have a very strong likelihood of ordering a further 1,000 Kiosks.
Michael Biagi, WBF’s CEO stated that; “We believe we’re at the forefront of Functional Mushroom - CBD formulated products. We’re excited to combine these uniquely differentiated products into our exciting smart Kiosk marketing plan to meet growing consumer demand for easier and more convenient access to specialty supplements”.
Headquartered in Newport Beach, California with manufacturing facilities in Murietta, California, Galexxy’s shares are publicly traded on the OTC Markets (OTC: GXXY). Galexxy entered the rapidly developing markets for premium natural plant-based consumer health supplement products in April 2021 and completed its acquisition of Wellbeing Farms LLC., on August 4, 2022 and purchased 69% of ABC Wholesale Products LLC., on August 12, 2022.
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This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.