According to Variety, The Weinstein Co. and Kanbar Entertainment are going back to the drawing board togethe as they'll team on a sequel to their current CG-animated release Hoodwinked, to be dubbed Hood vs. Evil.

The new installment in the franchise will find a teen Red training in a distant land with a mysterious, covert group called Sisters of the Hood. She is then called upon by Nicky Flippers -- head of the Happily Ever After Agency -- who teams her with the Wolf to investigate the disappearance of Hansel and Gretel. The character of Granny, and the rest of the Hoodwinked gang, also return and are joined by new characters.

Hoodwinked also includes voice talent of Glenn Close, Jim Belushi, Patrick Warburton, Anthony Anderson and rapper Xzibit. Producer Maurice Kanbar said he expects most of the cast to return.

Hood vs. Evil is being penned and directed by Hoodwinked creative troika Cory Edwards, Todd Edwards and Tony Leech.

Producers said they are reviewing scripts for the new pic, which, like Hoodwinked, will be created in Manila. Weinstein added that he sees the franchise potentially going for two additional pics.

The news comes as Hoodwinked, an irreverent take on the tale of Little Red Riding Hood, finished a hair behind Disney's Glory Road for the top spot over the four-day holiday weekend.

Hoodwinked was released December 16th, 2005 and stars Anne Hathaway, Glenn Close, James Belushi, Patrick Warburton, Anthony Anderson, David Ogden Stiers, Xzibit, Chazz Palminteri. The film is directed by Cory Edwards, Todd Edwards, Tony Leech.