CBD Unlimited, Inc. (OTCMKTS:EDXC) formerly known as Endexx closed Thursday’s trading session at $0.13 and the performance has not gotten better despite announcing that it struck a joint venture with Global Financial Ecosystems, Inc.
CBD Unlimited announced the joint venture with Global Financial Ecosystems towards the end of January 2019. The two companies will work on a “Special Purpose Vehicle” through which they will combine their technologies as well as initiatives. The move is aimed at speeding up their entry into international markets. Both CBD Unlimited and GFE will jointly create distribution channels and a launch IPO through an international stock exchange. This will allow the two companies to focus on generating more shareholder value.
“Through this unique collaboration agreement CBDU and GFe can efficiently combine efforts and technology applications as we expand into international markets,” stated CBD Unlimited CEO Todd Davis.
This is how the two companies plan to achieve their joint goals
Davis also noted that the SPV would help the two companies to unlock more value while maximizing investor potential. The firms also expect it to encourage global investors to participate in their growth initiative. GFe will invest directly into a Jamaican-based initiative run by CBD Unlimited as part of their agreement. GFe will at first contribute $2.5 million which will be used to purchase property and also the construction of a manufacturing facility.
GFe will also provide its technology suite to the joint venture including its cryptocurrency and fiat currency delivery and processing systems and biometric verification and identification software. It will also take advantage of 3D CAD/CAM printing for low cost as well as commercial buildings that facilitate innovative operations on a global scale. Meanwhile, CBD Unlimited will leverage GFe’s technology suite to make its entry into the European and Canadian market. The two firms hope that resource collaboration as part of their joint venture will make it easier to tap into the international market.
Gilles Kelly, the CEO of GFe stated that both his company and CBD Unlimited plan to advance and evolve the management of the CBD industry. They plan to use a new type of specialized technology as well as collaborations with industry leaders to take the industry to a new level.