Sproutly Acquires Assets of CannaHive Inc.

CANNANNEW REPORT

VANCOUVER, British Columbia–(BUSINESS WIRE)–Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly” or the “Company”), is pleased to announce it has acquired the primary assets of CannaHive Inc. (the “Acquisition”). The Acquisition supercedes the definitive agreement between the companies announced in April of this year. The Acquisition provides Sproutly with fully automated, pharmaceutical grade manufacturing equipment to produce high quality cannabis confectionaries, such as gummies and chocolates, at a lower cost and at a larger scale to meet the projected demands for the Canadian market. “The equipment produces edibles at large scale directly into blister packs without exposure to airborne contaminations, a common challenge for many traditional manufacturing processes. This acquisition offers superior economics compared to the prior agreement. We now have the in-house capability and control over large scale production of unique gummies incorporating proprietary cannabis ingredients produced by our APP technology, enabling us to offer a premium whole-plant product at a competitive price point,” said Dr. Arup Sen, Chief Executive Officer and Director of Sproutly. “We will adjust our product commercialization plans accordingly with a clear path to the national launch of current and future formulations of our true-to-strain, whole-plant gummies that we are filing with Health Canada,” added Dr. Sen. About Sproutly Canada, Inc. Sproutly’s core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Our natural water-soluble Infuz2O and BioNatural Oils will deliver revolutionary brands to international markets that are striving to produce a diverse portfolio of differentiated consumer products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide. For more…

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Source : Sproutly Acquires Assets of CannaHive Inc.

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