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1. An emerging **Celsius Holdings**, but for a broader portfolio of functional health, wellness, and energy drinks.

2. Like **Monster Beverage**, but with a diversified focus on functional drinks, including wellness and health alongside energy.

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• KOIOS Nootropic Beverages: Drinks formulated with nootropics and adaptogens to enhance cognitive function, focus, and mental energy.
• KOIOS Keto-Friendly Beverages: Low-carb, high-fat drinks designed to support individuals following a ketogenic diet.
• CLEAN-UP Recovery Beverages: Beverages created for post-workout recovery and relaxation, aiding in muscle repair and sleep.
• Glytch Energy & Gaming Beverages: Performance drinks specifically engineered for the gaming community to provide sustained energy and focus.

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There appears to be a discrepancy in the company name provided. The public company with the symbol MEHA is Meihua International Medical Technologies Co., Ltd., not "Functional Brands." This response will provide customer information for Meihua International Medical Technologies Co., Ltd. (MEHA).

Meihua International Medical Technologies Co., Ltd. (MEHA) sells primarily to other companies and institutions rather than directly to individuals.

Based on their SEC filings, MEHA's major categories of customers include:

• Hospitals: Healthcare facilities that directly use or procure their disposable medical devices.
• Medical Institutions: This broad category includes clinics, medical centers, and other healthcare providers.
• Distributors: Companies that purchase MEHA's products in bulk and then resell them to a wide range of end-users, including hospitals, clinics, and pharmacies, both domestically and internationally.

Meihua International Medical Technologies Co., Ltd. does not publicly disclose the names of specific major customer companies or their symbols in their SEC filings (such as their 10-K reports). While they state reliance on a limited number of customers for a significant portion of revenue, individual names are not specified, particularly if no single customer accounts for a threshold (e.g., 10%) requiring individual disclosure.

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Eric Gripentrog, Chief Executive Officer

Eric Gripentrog is a seasoned leader with over 30 years of experience in the Consumer-Packaged Goods (CPG) industry, having held executive roles including CEO, SVP, and board member across multiple companies. Before joining Functional Brands, he spent 26 years at Kellogg (1992–2018), where he led domestic and international business units with P&L responsibility, including as VP/GM of the Caribbean unit and VP of Strategy and Operations for North America. He also served as SVP/GM of Panera Bread's CPG division, achieving double-digit growth, and was CEO and board member of Gina Cucina, a fresh soup manufacturer. Since 2020, Eric has also been CEO of Hemptown USA and a director at HTO Nevada. He is recognized for his expertise in strategy, P&L management, and creating high-performing cultures, and has a track record of transforming struggling organizations.

Tariq Rahim, Chief Financial Officer

Tariq Rahim is a Chartered Professional Accountant with over 15 years of experience in finance leadership across high-growth startups and publicly listed companies in industries such as cannabis, real estate, and automotive. He currently serves as CFO, Director & Principal Accounting Officer at Functional Brands, Inc. since 2021, and is also Chief Financial Officer at Hemptown USA LLC since 2021. His previous roles include Controller at TS BrandCo Holdings, Inc. from 2018 to 2020 and Controller at Nobul Corp. from 2020 to 2021. Notably, while at Canopy Growth Corporation, he built finance teams, secured funding rounds, and managed major transactions, including the $250M acquisition of Tokyo Smoke Brands by Canopy Growth.

Lourdes Felix, Independent Director

Lourdes Felix is a seasoned Hispanic entrepreneur and corporate finance executive with 30 years of experience in capital markets, public accounting, and the private sector. She currently serves as CEO, CFO, and Director of BioCorRx Inc., a biotech leader in addiction treatment solutions, and is also the President of its subsidiary, BioCorRx Pharmaceuticals Inc., which she co-founded. She has been instrumental in capital procurement, completing multi-million dollar equity financing, and structuring and negotiating transactions with investment banks. Additionally, she is a member of the Board of Directors for Siyata Mobile Inc. (since 2021) and Avalon Globocare (since 2023), serving on audit and compensation committees.

Girard Smith, Independent Director

Girard Smith is a highly accomplished business leader with extensive strategic and operational experience, particularly in the Consumer-Packaged Goods (CPG) industry. Over a 25-year career at Bayer Consumer Health, he held executive leadership roles in Marketing, Sales, and Consumer Insights. He is credited with redefining Bayer's approach to the VMS category, delivering product innovation and driving One A Day multivitamins to the #1 category position, leading to transformational growth across Bayer's $1.0 billion Nutritionals & Digestive Health portfolio. Girard also served as an Operating Partner and Board Member for NetWell Nutrition, which is a private equity-owned company with a portfolio of clean-label eCommerce VMS brands. He also served on the Board of Directors and Executive Committee of the Council for Responsible Nutrition (CRN).

Steven Rossi, Independent Director

Steven Rossi is an entrepreneur and visionary with two decades of business experience in the automotive sector. He currently serves as the Chief Executive Officer, President, Secretary, and Chair of the Board of Directors of WorkSport since November 7, 2014. He founded two automotive-based companies in 2005 and 2006, respectively, and managed their growth for several years. In 2011, Mr. Rossi founded WorkSport Ontario, a wholly owned operating entity of WorkSport, and has since been granted numerous patents across the United States and Canada, which he assigned exclusively to WorkSport. He has been instrumental in retrofitting a manufacturing facility, facilitating research and development, and scaling production for new tonneau cover product lines.

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1. Product Contamination and Regulatory Compliance Risks

Operating within the nutraceutical and supplement industry, Functional Brands is exposed to significant risks related to product quality, safety, and regulatory compliance. An investor presentation highlighted concerns within the prenatal vitamin market regarding the "Presence of Toxic Metals" and "Nutrient Inconsistencies" in products, which can lead to serious health implications for consumers. While Functional Brands has positioned its P2i by Kirkman prenatal supplement to address these issues by aligning with transparency standards and California's QR-code disclosure law, the broader industry scrutiny means that any failure to maintain stringent quality control or comply with evolving regulations could result in recalls, litigation, reputational damage, and financial losses.

2. Execution Risk and Market Skepticism of Strategic Initiatives

The company has announced strategic partnerships aimed at accelerating growth, such as its collaboration with Market Performance Group to expand the Kirkman® brand's e-commerce reach. However, there is evidence of "market skepticism about the partnership's immediate impact" and concerns over "execution risks" associated with integrating such capabilities and achieving tangible results. A significant drop in Functional Brands' share price following a partnership announcement suggests investor caution regarding the successful implementation and benefits of these strategic moves, highlighting the challenge of converting strategic plans into sustained business value in a competitive environment.

3. Intense Competition and Market Volatility

Functional Brands operates in the global nutritional supplements market, which is characterized by "intense competition" and has experienced "broader investor caution". Despite the overall market's projected growth, the presence of numerous players and evolving consumer preferences means the company must continually innovate and differentiate its products. The company's stock has also demonstrated volatility, trading significantly below its 52-week high, which reflects the challenges of maintaining market position and investor confidence in a dynamic and competitive sector.

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Emerging Threat 1: Regulatory Shifts Impacting Functional Ingredients

The regulatory landscape for functional ingredients, particularly cannabinoids like CBD, is highly dynamic and varies significantly by jurisdiction, both domestically and internationally. A clear emerging threat is the potential for adverse changes in federal, state, or even local regulations concerning the legality, permissible concentrations, labeling requirements, marketing restrictions, or taxation of these ingredients in beverages. For instance, the U.S. FDA has yet to establish clear regulations for CBD in food and beverages, and any definitive ruling could either open up opportunities or impose severe restrictions. A sudden shift towards stricter prohibitions, complex compliance requirements, or punitive taxation could significantly increase operational costs, limit market access, or even render existing product lines unviable for Functional Brands, analogous to how unforeseen regulatory changes can disrupt entire industries.

Emerging Threat 2: Intensified Competition from Major Consumer Packaged Goods (CPG) Companies

As the functional beverage market continues to demonstrate robust growth and consumer interest, a clear emerging threat for Functional Brands is the increasing entry and potential dominance of well-established, multi-national Consumer Packaged Goods (CPG) companies. These large corporations (e.g., Coca-Cola, PepsiCo, Nestle, Anheuser-Busch InBev) possess vast financial resources, extensive distribution networks, established retail relationships, and formidable marketing budgets that far exceed those of smaller, specialized brands. Should these CPG giants decide to aggressively enter or expand within the CBD-infused or broader functional beverage space – either through direct product launches, strategic acquisitions of competitors, or exclusive partnerships – they could rapidly capture significant market share, dominate shelf space, and leverage economies of scale to outprice or outmarket Functional Brands, posing a direct competitive threat akin to how digital disruptors challenged incumbent industries.

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Functional Brands Inc. (NASDAQ: MEHA) operates in the nutraceutical supplement industry and also retails hemp-derived products. The addressable markets for its main product categories are substantial, both globally and within the United States.

Nutraceutical Supplements Market

The nutraceuticals market encompasses both functional foods and dietary supplements, which are key offerings of Functional Brands.

• Globally, the nutraceuticals market was estimated at approximately USD 591.1 billion in 2024. It is projected to grow to about USD 919.1 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 7.6% from 2025 to 2030. Other estimates place the global market at around USD 580.35 billion in 2024, with a projection to reach approximately USD 1,055.21 billion by 2034, growing at a CAGR of 6.16% from 2025 to 2034.
• In the U.S., the nutraceuticals market was valued at approximately USD 163.7 billion in 2024 and is anticipated to grow at a CAGR of 6.2% from 2025 to 2030. Another report estimated the U.S. nutraceuticals market size at USD 169.48 billion in 2024, with a projection to reach around USD 270.80 billion by 2034, exhibiting a CAGR of 4.80% from 2025 to 2034.

Hemp-Derived Products Market

Functional Brands Inc. also operates in the hemp industry, offering products such as capsules, cigarettes, gummies, and tinctures derived from hemp.

• The global hemp-based products market was estimated at approximately USD 2.95 billion in 2024. This market is projected to grow from USD 3.488 billion in 2025 to approximately USD 18.65 billion by 2035, with a CAGR of 18.25%. Another report valued the global hemp market at USD 6.03 billion in 2024, poised to grow to USD 31.81 billion by 2032, at a CAGR of 23.1% from 2025-2032.
• For the U.S. specifically, the cannabidiol (CBD) market, a significant component of hemp-derived products, was valued at USD 2.2 billion in 2024. This market is estimated to reach USD 20.3 billion by 2033, demonstrating a robust CAGR of 27.8% from 2025 to 2033. The North American hemp-derived CBD market alone was valued at USD 1.5 billion in 2024, with the U.S. accounting for 85% of this share. Additionally, the U.S. hemp-derived THC market was approximately USD 2.8 billion in 2023, with projections to reach USD 3.5 billion by 2028. The overall U.S. industrial hemp production was valued at $445 million in 2024.

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1. Launch of New Products and Expansion of Existing Product Lines: Functional Brands plans to introduce new science-backed products and extend its current offerings. A key example is the recently launched P2i™ by Kirkman®, a prenatal supplement. The company also intends to expand the Kirkman® brand into the general market with products like Biofilm Defense® and Kirkman's Original Epsom Salt Cream, leveraging its legacy of over 75 years of trust.
2. Expansion into New Retail Channels and E-commerce Platforms: The company is focused on increasing its market presence by expanding onto major e-commerce platforms such as Amazon and entering "big-box" retailers. This strategy aims to broaden reach beyond its traditional distribution and capture a larger consumer base. Additionally, Functional Brands is executing bold growth plans to accelerate expansion and capture significant market share in the global wellness market, building on Kirkman's existing presence in over 35 countries.
3. Growth in White Label and Contract Manufacturing: Functional Brands, through its Kirkman® subsidiary, has been active in contract manufacturing and is making a significant push into white label manufacturing. This involves producing and packaging supplements for other brands, offering a new revenue stream by allowing other manufacturers to label Functional Brands' developed products under their own brands.
4. Strategic Acquisitions of Science-Based Consumer Brands: Functional Brands is a health and wellness company focused on acquiring and growing science-based consumer brands. This strategic focus indicates that future revenue growth will also be driven by expanding its portfolio through the acquisition and integration of additional brands that align with its commitment to high-quality, effective health solutions.

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Share Repurchases

• Functional Brands (MEHA) has reported a 3-Year and 5-Year Share Buyback Ratio of 0.00% as of June and November 2025, respectively, indicating no share repurchases over these periods.

Share Issuance

• The company completed a direct listing of its common stock on the Nasdaq Capital Market, with trading commencing on November 5, 2025.
• Functional Brands closed an $8 million private placement around November 2025, issuing 100,000 shares of Series A Convertible Preferred Stock (stated value of $10 million) and 80,000 shares of Series B Convertible Preferred Stock (stated value of $8 million) to accredited investors.
• In May 2023, 6,543,567 shares were issued to Hemptown Organics Corp. in connection with a license agreement and the transfer of the Kirkman brand.

Inbound Investments

• Functional Brands secured $8 million through a private placement from accredited investors, which closed in November 2025.