Hemptown Organics on Monday announced its entry into a letter of intent (“LOI”) with Hempacco Company Inc. and Pacifica Premiums Inc. According to the update, the LOI contemplates that Hemptown will acquire all of the outstanding shares of both Hempacco and Pacifica Premiums, to further diversify the its product offering and expand its distribution and sales channels. “We are very excited for the opportunity to acquire this unique group of innovative companies representing a rapidly growing sector of the overall hemp and cannabinoid industry. Industrial hemp smokable products present as massive opportunity both as a smoking cessation product, and for recreational use,” Hemptown’s CEO Eric Gripentrog said in the news release. “We believe that, with their established, revenue generating, operations in the US and Mexico, Hempacco can be accretive to Hemptown’s overall bottom line while presenting attractive blue-sky for growth. These acquisitions align with Hemptown’s overall M&A growth strategy to expand our brand portfolio, broaden our channel diversification while extending our geographic reach, and increasing our revenue across B2B and B2C segments.”
To view the full press release, visit http://cnw.fm/gdMLa
About Hemptown Organics Corp.
Hemptown is a diversified, industry leading cannabinoid company delivering a diverse product offering across the value chain, in multiple sales channels, to meet the growing global demand for cannabinoid-based products. State-of-the-art cultivation in Oregon’s Rogue Valley, FDA-licensed and cGMP certified product manufacturing, and a strong leadership team with Fortune 500 experience, including Kellogg’s, Nike and Intel, are the pillars for Hemptown’s growth model as the company pushes into the consumer-packaged goods sectors with top quality white-label and branded product lines for the consumer market. For more information, visit www.HemptownUSA.com.
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