CanaFarma Announces Letter of Intent to Acquire Avitas Bio To Further Enhance Cannabis And Plant Based Branded Health & Wellness Platform
VANCOUVER, BRITISH COLUMBIA – September 21, 2021 – CanaFarma Hemp Products Corp. (CSE: CNFA) (the “Company" or "CanaFarma") a leader in the branded health and wellness space, is pleased to announce that it has signed a letter of intent to acquire Avitas Bio Corp. (“Avitas Bio”), a company with proprietary nutraceuticals and healthy snacks in the branded health and wellness space.
The Letter of Intent contemplates the issuance by CanaFarma of an aggregate of 30,000,000 common shares as consideration for all of the shares of Avitas Bio, subject to adjustment (based upon revenue and stock performance criteria) and subject to certain conditions, including completion of due diligence and the negotiation and execution of a formal purchase and sale agreement.
“Avitas Bio has assembled a portfolio of groundbreaking nutraceuticals developed in Israel to combat some of today’s most pressing health and wellness challenges. Along with our better for you, healthy snacks, our brands are in some of the fastest growing segments”, said Henry Val, CEO of Avitas Bio. He continued, “This agreement with CanaFarma is expected to give us a platform upon which to realize the potential of these exciting new products.”
Vitaly Fargesen, SVP of Strategy for CanaFarma added, “We have followed Avitas Bio for some time and have admired their innovative approach to wellness. This acquisition represents a perfect fit for strategy of building a depth of intellectual property in the space”.
About Avitas Bio™
Avitas Bio Corp. is an emerging growth biotechnology and health products company with two lines of business: (i) Avitas Bio, a nutraceuticals innovator offering a suite of varied proprietary products; and (ii) VitaWin Healthy Snacks (“VitaWin”), an inventive manufacturer and marketer of premium better for you chocolate candies, confectionery, and other food products. Select chocolate products, as well as a line of liquid tinctures and cosmetic creams, are infused with CBD (cannabidiol), the legal, non-psychoactive hemp extract oil.
About Vertical Wellness™
CanaFarma recently announced the signing of a Memorandum of Understanding with Vertical Wellness (see the Company's press release dated June 29, 2021). Vertical Wellness is a leading vertically integrated consumer focused health and wellness brand company with innovative hemp cannabinoid solutions. Vertical Wellness’ mission is to help people by bringing the most innovative and effective portfolio of cannabinoid, health and wellness brands to the market. Vertical Wellness™ partnered with kathy ireland® Worldwide (kiWW®) to produce CBD products, with the first brand release of kathy ireland® HEALTH & WELLNESS CBD Solutions™ coming in Fall 2021. Kathy Ireland is Chair, CEO, and Chief Designer of kiWW®, is named among the top 10 women’s health advocates in America according to UCLA and was recently listed as the 15th most powerful brand in the world by License Global Magazine. Other Vertical Wellness brands include AntiDos®, GoldQ®, HalogenixBeauty™, Hemp-Moji™, Just Live®, Lap Dog™, NeutrateFitness™, Organic Candy Factory®, Par5™, Taos®, Wingra Farms™ and USMCC™. Vertical Wellness has operations in California and Kentucky.
About CanaFarma Hemp Products Corp.
CanaFarma Hemp Products Corp. is a full-service company operating in the hemp industry offering a full range of hemp-related products and services to the consumer wellness market. These products and services include growing high-quality hemp, providing hemp-processing services, and offering hemp-based products to consumers utilizing a well-established direct-to-consumer marketing approach.
For media inquiries, please contact:
Vitaly Fargesen
(718) 757-4145
