LOS ANGELES, July 22, 2020 /PRNewswire/ -- Vertical Wellness™ [VWEL], an industry leader in the branded Hemp cannabinoid health and wellness space, acquired the assets of Tech-Holdings and various affiliates for between $5 and $10 million in debt, equity and earnout. No other financial details were disclosed.
Smoke Wallin, Chairman and CEO of Vertical Wellness said, "The team at Tech-Holdings, led by Steven Trenk, Tony Alfiere, and Ed Abel have accomplished what few in the industry have even thought of doing --they invented and patented novel ways of delivering cannabinoid ingredients that make them more effective and faster acting for medical ailments and conditions, within minutes, not hours. This is a game changer and will help us differentiate our brands from the rest of the market that mostly have no or limited science to their formulations. I welcome them to our growing team."
Steven Trenk, founder & CEO of Tech-Holdings, and a long-time ArcView member and extensive investor in the cannabis space said, "We are delighted to bring our proprietary patented technology to Vertical Wellness. We talked to many of the largest players in the hemp and cannabis space in coming to our decision to join the Vertical team. Smoke's vision for a vertically integrated consumer-focused health and wellness brand company, utilizing cannabinoid ingredients to help with insomnia, anxiety and pain as well as general health and wellness, resonated strongly with our team and investors."
The combination enables a comprehensive line of unique, proprietary, fast acting products to address the needs of consumers in every demographic, geographic and economic segment of the marketplace. The patented technology enables Vertical Wellness to build on its relationships with its world class partners, including its kathy ireland® Worldwide partnership, by creating proprietary products with high efficacy in the health, wellness and beauty segments of the market.
"We are very much looking forward to launching our CBD Hemp brands with Vertical Wellness," says Kathy Ireland, Chair, CEO and Chief Designer of kiWW®, and Vertical Wellness Advisory Board member who is named among the top ten women's health advocates in America, according to UCLA. "We are committed to bringing our customers the most cutting-edge and highest quality products and incorporating Tech-Holdings patented technology into our products helps to truly differentiate them in the market."
The initial releases are topical products including lotions for relief of pain and inflammation, day and night eye care, facial treatments and hand relief and includes Tech-Holdings proprietary brands, The Gold Q™ and AntiDos™.
About Vertical Wellness™
Vertical Wellness is a leading vertically integrated consumer focused health and wellness brand company with innovative Hemp cannabinoid solutions. Our mission is to help people by bringing the most innovative and effective portfolio of cannabinoid (CBD and others) brands to the market. Initial VWEL brands include kathy ireland® Health & Wellness, Taos™, Lap Dog™, Par5™, Halogenix™, Wingra Farms™, Neutrate™, USMCC™, and Hemp-Moji™. VWEL Services™ leverages our extensive investment and team knowledge by helping the entire industry with strategic, financial, branding, sales and hemp processing solutions. Vertical Wellness has operations in California and Kentucky and cultivated over 1,800 acres of hemp on partner farms in 2019. The Company is one of the largest processors of Hemp globally with close to 20 million lbs processed or contracted in 2020.
Tech-Holdings is a technology focused cannabinoid (CBD and others) research and development company. One of the early R&D investors in cannabinoid ingredient efficacy and delivery methods, Tech-Holdings developed a body of Intellectual Property "IP" around cannabinoid delivery that make products more effective (higher bioavailability) and faster acting. One of the primary advantages of products utilizing the patented delivery system is rapid diffusion of lipid molecules across the epithelium and into the bloodstream bypassing first-pass liver processing. A second advantage is increased efficiency of absorption. The limited absorption and diffusion profiles of most of the current products in the market fail to deliver cannabinoids across the epithelium or the upper GI tract. This limits absorption to the intestine, thus subjecting all cannabinoids to first-pass liver processing which may reduce effectiveness. Tech-Holdings technology provides for rapid diffusion both across the epithelium and into the bloodstream to efficiently deliver beneficial molecules. It also enables the production of cannabinoid enriched powders that easily mix with water allowing for the development of fast-acting topicals/targeted cosmetics and a wide variety of edible/consumable products.
SOURCE Vertical Wellness and Tech-Holdings