Ann: Funding of Cosmetics JV, page-34

I noted the JWR International Ltd cosmetics update in the recent annual report, of which JAT is a 50% shareholder with $1/2 million invested. The original intent was to partner up with a specialist company in order to research, develop, manufacture, and distribute skincare and cosmetics products based on CBD hemp oil. Five adult products and three children's products were slated for initial release, with production outsourced to South Korean and Japanese companies. The initial roll-out of products has been delayed, probably due to Covid and possible issues in Hong Kong, and the recent update suggests products will be ready for distribution into China, Hong Kong, South Korea, and Australia by, or during, October. This suggests that development, trials, packaging, marketing and distribution processes are largely completed for the initial products. They will soon hit the shops and e-retailer websites. We don't have long to wait for a further update on products, volumes, and research and development insights. The delay may have allowed for greater progress on developing the next phase of product types.