International Spirits and Beverage Group (ISBG) has signed a letter of intent (LoI) with Canbiola to produce cannabidiol (CBD) based products such as CBD-infused beverages.

ISBG is a brand incubator in the global wine and spirits market while Canbiola specialises in the sale of CBD products.

Under the terms of the LoI, Canbiola will supply hemp extracted CBD for inclusion in ISBG’s new line of alcoholic and non-alcoholic CBD-infused beverages, as well as CBD Chews in the North American market.

The agreement is aligned with a number of recent strategic investments made by ISBG. The company believes that the CBD-infused beverages market presents a large opportunity within the CBD and craft spirits areas.

“The market for CBD and CBD-related products is growing at an exceptional rate.”

ISBG CEO Terry Williams said: “This has become the hottest new thing in terms of strategic investments.

“Everyone is starting to see the same thing right now, and we deeply believe that a relationship between ISBG and Canbiola will allow us to set ourselves apart from our competitors.”

The LoI will eventually help the two companies discuss the precise details of a definitive agreement, whereby ISBG will use its know how to produce bottled beverage infused with CBD supplied by Canbiola.

Canbiola CEO Marco Alfonsi said: “The market for CBD and CBD-related products is growing at an exceptional rate, fueled by consumers’ increasing awareness of the effects and benefits of CBD.

“Canbiola manufactures what I believe to be the finest proprietary CBD products on the market today, and I expect that quality to cross over to this new line of products.”