CBDHF - HempFusion to acquire CBD brand Sagely Naturals for initial consideration of $25M
HempFusion Wellness (CBDHF) has entered into a definitive agreement to acquire 100% interest in Sagely Enterprises, a leader in premium CBD products with mass distribution in more than 14,000 retailers nationwide. Pursuant to an agreement, HempFusion will acquire Sagely Naturals for initial consideration of $25M consisting of $2M in cash and $23M in HempFusion common shares to be issued at a deemed price of ~$1.021.In addition, the Sellers may be entitled to receive an earnout payment of up to $5M subject to Sagely achieving certain revenue targets within twelve months of closing of the transaction. All HempFusion Shares issued in connection with the merger agreement will be subject to contractual resale restrictions. Upon completion of the transaction, Sagely Naturals will be a wholly-owned subsidiary of HempFusion, with Kerrigan Behrens and Kaley Nichol remaining as Co-CEOs of Sagely Naturals.
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HempFusion to acquire CBD brand Sagely Naturals for initial consideration of $25M