Freedom Leaf Inc. (OTCQB: FRLF), parent company of leading CBD health & wellness brands Leafceuticals, IrieCBD and Hempology, announced that it has entered into an LOI to acquire Hemp2o, a brand of hemp-infused beverages cofounded by San Francisco cannabis entrepreneur and rapper Gilbert Milam Jr., better known by his stage name Berner. Hemp2o, which offers eight flavors of organic hemp-infused beverages including top selling flavors “Sunset Sherbert”, “Strawberry Watermelon”, and “Blueberry Apricot”, expects to generate over $2.0 million of revenue in calendar 2018. Its beverages are currently sold by national retailers including selected Whole Foods on the W. Coast, 700 Safeway/Albertsons on the W. Coast and in the S. West, selected Target locations in Los Angeles and San Francisco as well as on Amazon.com. The transaction, which involves a combination of both cash and Freedom Leaf stock, is expected to close in December.
The addition of Hemp2o to the Freedom Leaf family of CBD brands will expand the spectrum of Freedom Leaf products into virtually every delivery medium, adding beverages to its current SKUs of tinctures, vaporizers, and transdermal creams. The combined companies will also benefit from consolidated production operations and economies of scale on selling through both of the respective companies’ sales channels. Freedom Leaf CEO Cliff Perry commented on the pending acquisition, stating: “We are excited to welcome Hemp2o into the Freedom Leaf family, and look forward to expanding our national footprint based on their success of established authorized accounts in some of the largest retailers in the U.S. We believe that our consolidated sales teams and expanded product selection will increase revenue through both of our respective channels.”
Berner, who will join Freedom Leaf to work on marketing and branding of the entire family of products, said, “The biggest win for Hemp2o is getting the infrastructure this company deserves. My goal when we started Hemp2o wasn’t about the exit. I was thinking about my involvement and role in the company. I am blessed to have such an amazing platform, from music to my influence in the marijuana and fashion industries, and I look forward to working within Freedom Leaf’s family of brands to bring new products to life.”
Ray Medeiros, Freedom Leaf’s Business Development Director, added: “These are the type strategic acquisitions we envisioned when Merida Capital Partners invested in our company and they have again delivered for Freedom Leaf in identifying the opportunity and guiding us through the Hemp2o transaction.”
All of the Freedom Leaf Inc. portfolio brands will be on full display in MJBizCon booth #1869 at the Las Vegas Convention Center from November 14-16 including Hempology, Leafceuticals, IrieCBD, alongside with premium vaporizer line Accuvapeas well as Plants to Paper.
About Freedom Leaf
Freedom Leaf Inc. (OTCQB: FRLF), is a group of diversified, international, vertically-integrated hemp businesses concentrating on health, wellness, and education as well as cannabis media companies. Freedom Leaf, Inc. has been a leading go-to resource in the cannabis, medical marijuana and industrial hemp industries since 2014, founded by professionals with decades of combined experience in marijuana legalization advocacy. FRLF is building a diverse portfolio of valuable businesses through strategic mergers, acquisitions, and acceleration projects across the industry.
Freedom Leaf Inc. does not handle, grow, sell, or dispense marijuana or related products.
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
Source: Globe Newswire