Attains Proprietary CBD Formulations
Hicksville, New York--(Newsfile Corp. - February 28, 2019) - 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 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.
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