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$20M in sales finance secured from Alliance Funding Group to support initial equipment roll-out
Technology allows for the dispensing of a vast array of wellness products, including age-restricted and identity restricted product sales
Technology also expands the distribution of Emerald Organic’s health and wellness products, including the Pura Vida Vitamins brand
New York, NY, March 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Emerald Organic Products, Inc. (EMOR) (“Emerald” or the “Company”), a diversified health sciences company which includes cannabidiol (“CBD”)-focused products, today announced it has executed a definitive agreement whereby Alliance Funding Group (“Alliance”) has extend a $20 million sales finances line to fuel commercialization and growth of Emerald Organic's proprietary facial recognition vending machines.
Brij Patel, President of Alliance, said, “We are excited to partner with Emerald as they execute on their go-to-market strategy with their tech enabled vending solutions. We’ve partnered with various early stage OEM’s to provide a competitive leasing solution to help them gain market share and are truly excited about what we can do with Emerald moving forward.”
Alliance has been in the equipment leasing sector since 1998 and financed well over $2B+ in assets to 25,000+ businesses throughout the United States. With 100+ employees and offices in Orange County, Los Angeles and Portsmouth, NH, Alliance has the scale to address the needs of OEM’s and distributors of all sizes while also providing the flexibility of an entrepreneurial equipment lessor.
Ian Parker, CEO of Emerald Organic said, “Having a group as experienced and talented as Alliance standing behind our commercialization initiatives gives Emerald a significant stimulus for rapid growth and expansion of our technology.” Parker continued, “This innovative sales finance line gives us the ability to scale quickly without having to worry about capital constraints to our roll out plan.”
The combination of exponential growth in CBD and the introduction of this unique equipment to the market place enables Emerald Organic to expand and command previously untapped market share. In addition, it extends opportunities for creative partnerships that can further the access to health and wellness products around the world.
About Emerald Organic Products Inc.
Emerald Organic Products, Inc. (EMOR), through its flagship Pura Vida brand, has developed and recently commercialized a line of vitamins and supplements with certain proprietary CBD health and wellness products which will be marketed nationally and in certain foreign countries through various marketing and sales distribution channels including experienced wholesale distributors and a professional e-commerce platform www.puravidavitamins.com. These hemp-based proprietary Pura Vida Vitamins products include CBD vitamins, chewable CBD gummies, and gummy bears, CBD liquids, drinks, CBD tinctures, CBD cosmetics, and others. Emerald has established Emerald Organic Life Sciences, Inc. to develop biopharmaceutical assets licensed from Amarantus Bioscience Holdings, Inc. (OTC: AMBS), in the fourth quarter of 2019.
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Emerald Organic Products Inc.
Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and neither Pura Vida Health, LLC nor Emerald Organic Products Inc. undertakes any obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.