Denver, Colorado--(Newsfile Corp. - January 17, 2023) - CBD of Denver Inc. (OTC Pink: CBDD) formerly a full-line CBD and Hemp oil company and a producer and distributor of Cannabis and CBD products in Switzerland, Europe and the US announces a new approach in 2023.
After an in-depth analysis of the cannabis industry, and the ongoing struggles of industry distributors and producers, CBDD management concludes it's in the best interest of shareholders to move in a different direction. As such, CBDD announces the signing of a letter of intent to acquire innovative health and wellbeing product firm, Libra 9.
The agreement will see CBDD take a controlling interest in the company, which focuses on unique nanotechnology products unlike anything else currently available on the market. Libra 9 is a Berlin, Germany-based business, currently providing revolutionary technology services within health through its proprietary product formulations.
CEO, Paul Gurney commented on the acquisition, "Our company is evolving and this is part of our transition to solidifying our revenue and profit profile. Our team has known the entrepreneur behind Libra 9 for three years. His success in Switzerland with previous products gives us confidence he can continue to generate value with new product launches. In addition, his access to a large retail network in Germany is attractive for our growth plans for 2023."
The due diligence for the acquisition is ongoing with it on track to close by the end of February. In the meantime, the two companies are working in partnership to launch a new product in Europe in the coming weeks.
The company also announced it has terminated the agreement to acquire Mellow.Store, and will not be continuing with any of its previously announced Mellow Enterprise initiatives.
The company will host a Twitter Space with the CEO to discuss the acquisition and other strategic developments on Wednesday, January 18th at 2pm Eastern time.
About
CBD of Denver, Inc. is a roll-up company focused on using equity to acquire profitable assets at attractive valuations to create value for all our shareholders. Our team is focused on sourcing high margin & innovative products that align with our company values and improve consumer health & wellbeing.
Follow CBDD on LinkedIn & Twitter:
https://www.linkedin.com/company/cbd-of-denver/
https://twitter.com/cbdofdenver_
Investor Contact:
Ben Muir
Pivot Relations
Paul Gurney
Twitter: @PGurney_
Information contained herein includes forward-looking statements. These statements relate to future events or future financial performance, involving known and unknown risks and you should not place undue reliance on these statements. Any forward-looking statement reflects our current views with respect to future events. We assume no obligation publicly about update or revise these forward-looking statements for any reason.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151539
