NewLeaf Brands Inc. (OTCMKTS:NLBIF) Signs Deal To Acquire Mydecine Group and Share Swap Deal with Levee Street
NewLeaf Brands Inc. (OTCMKTS:NLBIF) has entered a definitive agreement to acquired Colorado-based Mydecine Group.
NewLeaf Brands to acquire Mydecine
Mydecine is a medical mushroom company that leverages health, wellness, and medicinal capabilities of the various compound found in different varieties of fungi and mushrooms. The company owns three divisions Mydecine Wellness, Mydecine Labs, and Mydecine Farms, and it is focused on cultivation, product development, and processing. Also, the company focuses on R&D of exciting and beneficial compounds that can be found in different fungi and mushroom varieties across the globe.
According to NewLeafs Brands CEO Josh Bartch, the signing of the agreement to acquire Mydecine is a huge milestone for the company. This is because the industrial and medical use of mushrooms is increasing each day, and now NewLeaf will be a major player in the growing industries.
NewLeaf Brands is expected to acquire 100% of Mydecine’s outstanding and issued shares according to the agreement. In exchange, Mydecine is expected to receive around 17 million NewLeaf Brands shares.
NewLeaf Brands enters a share swap deal with Levee Street
The company also recently announced a share swap deal with Levee Street Holdings for the acquisition of 50% of Levee’s common shares at CA$450,000. Founded by Greg Kassanoff, Levee Street focuses on the alternative beverage segment that includes CBD-infused products. The share swap deal will also include distributing ReLyfe Brands, We Are Kured, Drink Fresh Water, and TeaLief Brands.
The passing of the Farm Bill in 2018 brought back the legal production of industrial hemp across the country. The move to remove hemp from the 1970 Controlled Substance Act has helped in creating a commercial domino effect resulting in retailers such as Walgreens Boots Alliance, Rite Aid, and CVS Health offering Hemp-derived CBD brands.
Kassanoff indicated that Levee Street was delighted to work with NewLeaf Brands in the creation of a vertical distribution company that will give the company a chance of growing as true partners. NewLeaf plans to leverage the high-level relationships of Kassanoff to establish a leading CBD and beverage distribution business.
Published at Fri, 15 May 2020 12:15:02 +0000