Splash Beverage Group, Inc. (NV)
Endovia Health Sciences, Inc. is a U.S.-based company organized around cannabinoid health sciences, including pharmaceutical assets, FDA-regulated human and veterinary therapeutics, and cannabinoid wellness products. The company also retains a legacy beverage distribution activity centered on Chispo tequila and operates through a public-company platform that can pursue acquisitions, licensing arrangements, and strategic partnerships.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueConsumer-oriented cannabinoid products intended for wellness and related health applications.
Human and veterinary cannabinoid therapeutics subject to development and regulatory requirements.
Legacy distribution of Chispo tequila through authorized U.S. and non-U.S. channels.
Acquisitions, licensing arrangements, partnerships, and investments supporting the health sciences platform.
Products
Reported · share of revenue- E Commerce80.8 %
- Splash Beverage Group19.2 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The legacy beverage business sells Chispo tequila through distributors and directly or indirectly to Senor Frog locations, including establishments in Florida, The Bahamas, and Mexico. The planned health sciences platform is aimed at cannabinoid wellness consumers, healthcare and veterinary markets, and potential commercial partners seeking pharmaceutical or cannabinoid technologies. Distributors, retailers, brokers, licensees, and strategic acquisition partners are important because the company relies on external channels to commercialize products and expand market access.
Purchase Chispo tequila for beverage service in restaurants and entertainment venues.
Handle placement, sales, and distribution of beverage and potential wellness products.
Buy consumer wellness products for non-pharmaceutical health and lifestyle uses.
Potential users and commercial channels for regulated cannabinoid therapeutics.
Provide technologies, products, capital, or market access for platform expansion.
Strategy
The company is repositioning its public-company platform from legacy branded beverages toward cannabinoid health sciences. Priorities include commercializing pharmaceutical assets, developing FDA-regulated human and veterinary therapeutics, and pursuing cannabinoid wellness and beverage products through acquisitions, licensing, and partnerships. This strategy is intended to use the company’s public-market access and industry relationships to enter higher-growth regulated markets, but execution depends on completing transactions and obtaining required approvals.
The legacy beverage business has not generated sufficient scale to support the company.
Regulated therapeutics could provide a more defensible platform than branded beverages.
Acquisitions, licensing, and partnerships can accelerate market entry and product access.
Geography
Endovia is incorporated in Nevada and its current operating footprint is centered on the United States. The legacy Chispo tequila activity has been associated with Senor Frog locations in Florida, The Bahamas, and Mexico, although the reports do not provide country-level revenue allocations. Future geographic exposure will depend on regulatory approvals, distribution relationships, and the ability to commercialize cannabinoid products across permitted markets.
Risks
Endovia’s strategic transition creates execution risk because the company must replace a small legacy beverage operation with products and assets that may require regulatory approval, development capital, and new commercial capabilities. Its beverage model also depends on distributors, retailers, brokers, and individual customer orders, limiting control over demand and market access. Financing needs, transaction uncertainty, competition, and third-party dependence could materially affect the company’s ability to implement its strategy.
- Regulatory and commercialization riskImpact: CriticalLikelihood: High
Human and veterinary therapeutics may require clinical, regulatory, and compliance milestones before commercialization.
Exposure: Cannabinoid pharmaceuticals and wellness products
- Financing and liquidity riskImpact: CriticalLikelihood: High
The company has historically required external financing while operating cash generation remained limited.
Exposure: Platform development and transaction funding
- Strategic transaction riskImpact: HighLikelihood: High
Acquisitions, divestitures, and partnerships may not close or may distract management from operating activities.
Exposure: Medterra-related transaction and future platform acquisitions
- Distribution and demand volatilityImpact: HighLikelihood: High
Distributors are not required to place minimum orders and may prioritize competing products.
Exposure: Legacy beverage distribution and future consumer products
- Competitive pressureImpact: HighLikelihood: High
Better-capitalized beverage and wellness companies can compete on pricing, marketing, and distribution.
Exposure: Branded beverages and cannabinoid consumer products
- Third-party execution and complianceImpact: MediumLikelihood: High
External service providers and business partners can create operational, legal, cybersecurity, and reputational exposure.
Exposure
Accounting
Judgemental itemsReturns, allowances, trade promotions, control transfer, and distributor sell-through affect the timing and amount of reported sales.
Impact: Revenue and accounts receivable
Changes in customer creditworthiness or collection conditions can require adjustments to receivables.
Impact: Accounts receivable and bad-debt expense
Excess, obsolete, or slow-moving beverage inventory may need to be written down to net realizable value.
Impact: Inventory, cost of sales, and earnings
Investments and transaction-related assets may depend on valuation techniques and assumptions.
Impact: Assets, gains or losses, and equity
Future acquisitions or strategic investments could create valuation, impairment, and purchase-price allocation judgments.
Impact: Goodwill, intangible assets, investments, and impairment expense
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Last updated: 24/09/2026