Sun Kissed Announces Fully Executed LOI to Acquire Hakuna Supply, an Award-Winning Commercial Stage CBD Products Company
November 07 2019 - 8:30AM
InvestorsHub NewsWire
Sun Kissed Announces
Fully Executed LOI to Acquire
Hakuna Supply, an Award-Winning Commercial Stage
CBD Products Company
NEW YORK, NY
-- November 7, 2019 -- InvestorsHub NewsWire
-- Sun
Kissed Industries Inc. (OTCMKTS: SKDI)
("Sun
Kissed",
"SKDI", or the "Company"),
an emerging player
in the CBD marketplace, is thrilled to announce the
Signing of a Letter of Intent (the "LOI") to acquire
Hakuna
Supply/Products Group, Inc. ("Hakuna" or "Hakuna
Supply"), a
premier revenue-generating
CBD-based products
company located in California with over 110 established retail
distribution partners across over 20 states in the domestic US
market.
"This is the deal
we have been hunting to thrust Sun Kissed onto the global CBD
products market stage in a major way," commented Carl Grant, Sun
Kissed CEO. "Hakuna is a well-respected private market leader in
CBD-based products with a massive well-established
distribution footprint. The company is already a
major player in the space with considerable reach and will deliver
over a million dollars in immediate revenue for Sun
Kissed on a forward basis."
Hakuna
offers
award-winning high-end CBD-based products,
including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea
Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of
premium CBD Teas, and other premium products.
- Hakuna
Supply received the DOPE Magazine Best New Product award for
Southern California in the non-cannabis/non-tech category in
2017
- Hakuna's coffee is currently
nominated for "Best Hemp-Derived CBD Product" by the California
cannabis awards
The LOI represents
an agreement to pursue a transaction in which 100% of the issued
and outstanding shares of Hakuna will be purchased through a
definitive stock purchase agreement by Sun Kissed on or before
November 22, 2019.
"According to every
major research firm familiar with this market, the dramatic
explosion in growth we are seeing in the CBD space is being fueled
by a massive wave of mainstream adoption among typical US and
global consumers," continued Mr. Grant. "That growth is only
expected to further accelerate in the months and quarters ahead,
and Hakuna puts us instantly on the map as a market leading force
to be reckoned with."
Research firm
MRFR
sees
the global CBD
market growing at better than
125%
annually
through 2026. Brightfield Group joins in
this view, adding that 2019 alone will show over 900% expansion in total sales of
CBD-based products across all related product groups.
About Sun Kissed
Industries, Inc.
Sun Kissed Industries Inc.
(OTCMKTS:
SKDI) is an emerging leader in the
CBD-based products marketplace. The Company is pursuing meaningful
acquisitions as part of an aggressive M&A strategy designed to
position Sun Kissed as a dominant player in a well-defined,
high-growth niche within the rapidly expanding CBD
sector.
FORWARD-LOOKING STATEMENTS:
This press release may contain
forward-looking statements, including information about
management's view of Sun Kissed Industries Inc.'s future
expectations, plans and prospects. In particular, when used
in the
preceding discussion, the words "believes," "expects," "intends,"
"plans," "anticipates," or "may," and similar conditional
expressions are intended to identify forward-looking statements.
Any statements made in this news release other than those of
historical fact, about an action, event or development, are
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, which may cause the
results of Sun Kissed, its subsidiaries and concepts to be
materially different than those expressed or implied in such
statements. Unknown or unpredictable factors also could have
material adverse effects on Sun Kissed's future results. The
forward-looking statements included in this press release are made
only as of the date hereof. Sun Kissed cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, Sun Kissed undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to
update or correct information prepared by third parties that are
not paid for by Sun Kissed.
SOURCE: Sun Kissed Industries
Inc.
Contact: invest@sunkissedindustries.com