CBDHF - InvestorNewsBreaks - HempFusion Wellness Inc. (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO) Enters Definitive Agreement to Acquire Apothecanna Announces AGM Voting
HempFusion Wellness (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO), a leading health and wellness company offering premium probiotic supplements and products containing CBD, has announced plans to acquire APCNA Holdings LLC (“APCNA”). CBDHF has entered into a definitive agreement to acquire 100% of APCNA, known as Apothecanna. The company also held its annual general meeting (“AGM”) on Friday, May 14, 2021, and reported that all matters contained in the management information circulate sent to shareholders for consideration and approval were approved by the requisite majority of votes cast at the meeting. Apothecanna offers cannabis-powered body care and topical products and was the first topicals brand to operate nationally and obtain a federal trademark. The company has built a reputation for being an industry leader in the development of innovative, all-natural CBD products. The company also has a strong ecommerce focus, with an estimated 50% of revenues being generated from its online portal. The acquisition announcement noted that Apothecanna’s reported revenue of more than $4 million in 2020 doubles HempFusion’s historical revenue, and with strategic expansion already in place, the acquisition will be immediately accretive at closing. The agreement also provides HempFusion with immediate distribution to an additional 1,800 stores, including CVS. “We are incredibly excited to enter into this agreement with Apothecanna, which, on closing, will have an immediate impact on HempFusion’s revenue while significantly bolstering our distribution and ecommerce platforms,” said HempFusion co-founder and CEO Jason Mitchell, ND, in the press release. “We look forward to working to close the transaction as soon as possible.”
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About HempFusion Wellness Inc.
HempFusion is a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition. HempFusion distributes its family of brands, including HempFusion, Probulin Probiotics, Biome Research and HF Labs, to approximately 4,000 retailers across all 50 states of the United States and select international locations. Built on a foundation of regulatory compliance and human safety, HempFusion’s diverse product portfolio comprises 48 SKUs (“SKUs”) including tinctures, proprietary FDA Drug Listed over-the-counter (“OTC”) topicals, doctor/practitioner lines and more. With a strong focus on research and development, HempFusion has an additional 30 products under development. HempFusion is a board member of the US Hemp Roundtable, and HempFusion’s wholly owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data. HempFusion’s CBD products are based on a proprietary Whole Food Hemp Complex(TM) and are available in stores or online. For more information about the company, visit www.HempFusion.com.
NOTE TO INVESTORS: The latest news and updates relating to CBDHF are available in the company’s newsroom at http://ibn.fm/CBDHF
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