Canbiola Finalizes Asset Purchase Agreement with Seven Chakras
February 27 2019 - 08:21AM
InvestorsHub NewsWire
Canbiola Finalizes Asset Purchase Agreement with Seven
Chakras
Attains Proprietary CBD Formulations
HICKSVILLE, NY -- February 27, 2019 -- InvestorsHub NewsWire
-- Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”),
a developer, manufacturer and seller of a variety of Cannabidiol
(Hemp) based products such as oils, creams, moisturizers, chews,
vapes, isolate, gel caps and concentrate, announced today that its
wholly owned subsidiary Pure Health Products (PHP) finalized its
asset purchase agreement (APA) with Seven Chakras, LLC.
Under the terms of this APA, which was entered into January 31,
2019, Canbiola acquired the rights and title to Seven
Chakras’ proprietary formulas, methods, trade secrets related
to the manufacturing of Seven Chakras products containing
cannabidiol (CBD). This also includes tradename, domain name, and
social media sites and other assets of Seven Chakras including but
not limited to raw materials, packaging, equipment, marketing
materials, and mailing lists.
Seven Chakras will use their proprietary technology to
infuse CBD into various consumer products, tinctures (full
spectrum), salves, gels, bath (hemp massage oil) and hemp capsules
products.
“We believe this agreement will further strengthen and enhance
Canbiola’s brand, distribution and footprint by integrating this
CBD product portfolio with our current products and work towards
our mission to be the premier provider of the highest quality Hemp
natural products on the market,” said Marco Alfonsi, Chief
Executive Officer of Canbiola.
In connection with the transaction, the Company has filed a
Current Report on Form 8-K on February 26, 2019 with the SEC, which
includes a copy of the Asset Purchase Agreement.
About Canbiola, Inc.
Canbiola, Inc. (OTCQB: CANB) is a developer, manufacturer, and
seller of a variety of Cannabidiol (Hemp) based products such as
oils, creams, moisturizers, chews, vapes, isolate, gel caps and
concentrate. Canbiola has developed its own line of proprietary
products as well as seeking synergistic value through acquisitions
in the CBD and the medical cannabis industry. Cannabis is currently
federally illegal and has legalized for medical purposes in some
form in a limited number of states, but pure CBD products are legal
in all 50 states. For more information about Canbiola, Inc., please
visit: https://canbiola.com
Forward-Looking Statements
Forward-looking statements and risks and uncertainties discussed
in this letter contain forward-looking statements. The words
"anticipate," "believe," "estimate," "may," "intend," "expect," and
similar expressions identify such forward-looking statements.
Expected, actual results, performance, or achievements could differ
materially from those contemplated, expressed, or implied by the
forward-looking statements contained herein. Forward-looking
statements are subject to a number of risks and uncertainties,
including but not limited to, risks and uncertainties associated
with, among other things, the impact of economic, competitive, and
other factors affecting our operations, markets, products, and
performance. The matters discussed herein should not be construed
in any way, shape or manner of our future financial condition or
stock price.
Follow Canbiola on:
Twitter @CanbiolaHealth
Instagram @canbiola.inc or @canbiola_cbd or
@canbiola_medical_cbd
Follow us on Twitter and Facebook
Investors and Media:
IR@canbiola.com
(516) 595-9544
Hayden
IRhart@haydenir.com
(917) 658-7878
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