FORT LAUDERDALE, FL, Oct. 2, 2019 /CNW/ - PRESS RELEASE - HeavenlyRx Ltd., a global hemp and CBD company, has entered into a signed letter of intent (LOI) to acquire the top-ranked national CBD brand, PureKana. 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, Ariz. – 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."