Jupiter Wellness, Inc. (NASDAQ:JUPW) saw its shares fall sharply back on revealing a multi-year agreement with Rigour International LLC as the exclusive authorized distributor of Jupiter Wellness Products within the Mainland of China and non-exclusive distributor for Hong Kong, Korea and South East Asian markets.
Under the terms of the agreement, Rigour International is granted the exclusive right to distribute, commercialize and sell Comfort Cream, Canisun Sunscreen Products, Radiant Relief, Fit CBD, Temple Tonic and other related topical skin care Jupiter Wellness brands in China.
Rigour whose main operational center is located in Zhengzhou China is a leader in skincare, cosmetics, beverages, novel dietary supplements and wellness product development and commercialization. Through its broad distribution channels and partnership networks, Rigour covers more than 300 million consumers based in Asia.
Rigour's executive management and sales team for almost two decades has been dedicated to promoting wellness through its efforts to introduce and promote innovative consumer products from the US into Asia. Rigour is one of China's leading distributors of Penfolds Australian wines. To ensure they only distribute quality products, Rigours' scientific team of leading academics evaluate and analyze brands to determine their ability to comply with regulatory requirements in China.
According to CEO Brian John, "Jupiter Wellness is pleased to form a valued partnership with Rigour to maximize the reach of our products in the vitally important market of China. We look forward to working with Rigour's team to develop further growth in the Chinese marketplace.”
JUPW shares dipped 23 cents, or 7%, to $3.07
