RANCHO MIRAGE, Calif., Nov. 22, 2021/PRNewswire/ -- Novation Holdings, Inc. (OTCPINK: NOHO) ("Novation" or the "Company"), a multi strategy holding company focused on identifying, developing, acquiring and bringing to market technologies and solutions to the marketplace is pleased to announce that it has executed a Letter of Intent (the "LOI") to, flowing certain reorganization transactions described therein, acquire Legends of Hemp, LLC a CBD manufacturing and branding company based in Madison, Wisconsin ("Legends of Hemp" or "LOH") and GMTRV, LLC d/b/a TerraVida, a manufacturer, wholesaler and online retailer of high quality, 100% natural, third party lab tested CBD products both marketed and sold under the label "TerraVida" and based in Denver, Colorado ("TerraVida") (Legends of Hemp and TerraVida collectively referred to as "Targets").
Pursuant to the terms of the LOI, upon the successful completion of Novation's due diligence and preparation of definitive agreements implementing the LOI, the Company intends to acquire all of the outstanding ownership interests of both Targets in exchange for shares of Novation's common stock. Further, Novation will assist in the growth, strategy, financing, and development of each of the Targets' respective brands. It is also anticipated that Novation will appoint and elect some of the Targets' key management and personnel to serve as both officers and on the Company's board of directors.
About Legends of Hemp
Legends of Hemp was founded by cannabis industry veterans who have collectively been involved in dozens of successful businesses in both the cannabis and entertainment industry. LOH brings together the experiences in these two industries to create a platform for various artists and entertainers to launch and sell their own hemp-derived and customized cannabinoid products. Between their internal manufacturing capabilities and the additional capabilities of their strategic partners throughout the supply chain, Legends of Hemp can produce virtually any hemp-derived product to both be branded and marketed to suit any artists desired identity. To learn more about Legends of Hemp, visit their website at https://legendsofhemp.com.
To date, Legends of Hemp has launched the following brands:
Michael Gelmon, President and CEO of Novation Holdings, Inc. stated "I am extremely impressed with what the management team and founders of Legends of Hemp have been able to accomplish in such a short period of time, having launched a number of successful CBD brands for various up and coming artists and influencers. It is very clear that they have the right platform, manufacturing capabilities, and marketing formula to both grow their existing brands and scale additional CBD brands in the future. I am very excited to work with these talented entrepreneurs as Novation seeks to support their strategic goals, marketing initiatives, and future brand growth and development."
"Legends of Hemp could not be any more excited to combine resources and mastermind a strategy to keep an exciting and competitive edge in this industry that our team truly loves," comments Ryan Puddy, Chief Executive Officer of Legends of Hemp. "We have done extensive exploration and due diligence in making sure we have partnered with a group who has true and proven professionalism in the areas that synergistically complements our proven concepts and the foundation we have built. After extensive visits and conversations, we are honored to show Novation Holdings and its shareholders what Legends of Hemp is capable of," further comments Mr. Puddy.
TerraVida meaning "Earth Life" located in the rolling hills of Colorado. TerraVida exists out of a passion for improving one's daily life with Earth's natural remedies. TerraVida has made it its mission to make a global impact through education on the benefits of cannabinoids and other natural plant actives. Cannabidiol (CBD) is truly one of the most remarkable compounds in the natural world. TerraVida has a wide range of products including topicals, skincare, oral sprays, softgels, gummies and tinctures and are dedicated to providing safe and effective products by following industry guidelines set forth by the FDA. TerraVida sources its ingredients from the Earth to bring potent natural luxuries that uplift the spirit and balance the body and mind. To learn more about TerraVida and to view a catalog of its CBD products, visit their website at https://terravidaonline.com.
"At TerraVida we have always challenged the status quo and believed in thinking differently", comments Meaghan Hutto, Chief Executive Officer of TerraVida. "We are on a journey to find Earth's natural remedies with holistic effects to incorporate into your daily wellness and skincare routines. Our commitment is rooted in our belief that wellness products do not have to be expensive to be effective and safe. Be good to yourself with TerraVida", further comments Ms. Hutto.
About the Company
Novation Holdings, Inc. is multi-strategy holding company focused on identifying, developing, acquiring, and bringing to market technologies and solutions across all market sectors. Currently, the Company is searching/researching for new investment opportunities, with a principal business objective of either investing into and starting up new business opportunities or acquiring all or part of an existing business that will strengthen the Company's balance sheet and increase shareholder value. The Company is not limited to any particular industry or geographic region for purposes of making an investment or an acquisition. For more information, visit the Company's website at www.NovationHoldings.com.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets, and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.