HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) said it has completed the previously announced acquisition of Sagely Enterprises Inc, a leader in premium CBD products with mass distribution in more than 14,000 retailers nationwide.
Toronto-based HempFusion is a leading health and wellness company offering premium probiotic supplements and products containing CBD in 4,000 stores across 50 states.
The acquisition is the second such deal HempFusion has entered in the last three months. In May, HempFusion signed a definitive agreement to acquire pioneering CBD brand Apothecanna.
READ: HempFusion Wellness launches Probulin Probiotics products through Ireland’s top pharmacy and retailer
The Sagely deal was completed with an initial consideration of US$25 million of which US$2 million was paid in cash and US$23 million was satisfied by the issuance of 22,531,348 common shares of the HempFusion.
Each share has an issuance price of US$1.0208.
Through obtaining both Sagely and Apothecanna, HempFusion expects to triple its 2020 revenue with significant expansion planned for 2021 and beyond. The CBD company will also gain access to distribution to as many as 14,000 additional stores, expanding the company’s distribution footprint.
There will also be an opportunity to introduce ingestible CBD products in up to 14,000 stores in Sagely Naturals’ retail distribution footprint.
“We are incredibly excited to complete the acquisition of Sagely Naturals which provides HempFusion with a significant increase in revenue and immediate distribution to up to an additional 14,000 retail points nationally,” Jason Mitchell, CEO of HempFusion said in a statement.
Mitchell went on to say: “Integration has been well underway over the past several weeks and we look forward to driving shareholder value through continued growth in 2021 and 2022 both domestically and internationally with our expanding family of brands.”
The CBD-conglomerate will now work on product efficiencies across its topicals line while delivering a near-term opportunity for further expansion into ingestible products.
Sagely Naturals has also now been included in HempFusion’s Novel Foods Application Dossier with the United Kingdom’s Regulatory Food Safety Agency for future European expansion.
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Story by ProactiveInvestors
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