- PureKana will join HeavenlyRx's highly differentiated and rapidly expanding family of brands
- PureKana has accelerated its revenue growth since its founding in 2017, and is projected to more than double its revenue by 2020
FORT LAUDERDALE, FL, Oct. 2, 2019 /PRNewswire/ - HeavenlyRx Ltd. ("HeavenlyRx"), a global hemp and CBD company, is pleased to enter into a signed letter of intent ("LOI") to acquire the top-ranked national CBD brand, PureKana ("PureKana" or the "Company"). Under the agreement, HeavenlyRx will acquire a majority ownership stake from the Company's founding members with the acquisition expected to close by the end of 2019.
Standing alongside HeavenlyRx's high ethos and quality standards, PureKana – located in Scottsdale, Arizona – is a rapidly growing CBD brand and company with a large consumer base that leans toward a young and active demographic. Their robust line of ultra-concentrated hemp CBD products are non-GMO and fully derived from organically grown hemp without the use of genetically modified organisms and can be used in foods and nutritional additives. Once harvested, their hemp is carefully processed and undergoes extraction and quality testing, creating a rich, ultra-concentrated CBD oil which is infused in their product lineup that spans oils, capsules, topicals, gummies and pet products. Legal in all 50 U.S. states, PureKana's products meet the highest standard of excellence and all safety requirements as put forth by the Food and Drug Administration (FDA).
PureKana, led by Founder and CEO Cody Alt, has consistently accelerated its revenue growth year after year, and expects to continue this trend. Currently, the majority of PureKana's sales come from online and ecommerce. In the coming year, however, the brand with HeavenlyRx's strategic selling capabilities plans to expand into major retailers and other retail environments.
"PureKana has grown into one of the most important brands in the CBD industry," said HeavenlyRx CEO Paul Norman. "With a dynamic entrepreneur and business leader like Cody Alt leading the helm, his vision to bring PureKana into the mainstream is a great fit for HeavenlyRx. PureKana's powerful online presence when combined with our reach to distribution into mainstream channels will create a leading player in the marketplace."
About HeavenlyRx Ltd.
HeavenlyRx holds controlling ownership interests in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space, with a focus on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products including oils, tinctures, balms, and vape-ready products. Heavenly Rx's portfolio will include several proprietary brands across numerous consumer product group verticals, including cosmetics and beauty products, bath and body products, and infused foods with a focus on the CPG market.
Recognized by a young and active demographic as a leading cannabidiol brand, PureKana offers an ultra-concentrated CBD experience. Grown and harvested in Kentucky, their hemp is carefully processed to ensure a rigorous testing process. Their robust product lineup includes food-grade CBD that can be consumed in the form of pill capsules, powder, topical salves, oral sprays, and even edibles like peanut butter.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, but are not limited to: the Company's ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE HeavenlyRx Ltd.