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New York, New York--(Newsfile Corp. - October 8, 2020) - GenTech Holdings, Inc. (OTC Pink: GTEH) ("GenTech" or the "Company"), (www.gentechholdings.com) an emerging leader in the high-end Premium Coffee and Functional Foods marketplaces, is excited to announce the acquisition of Hakuna Supply/Products Group, Inc. ("Hakuna" or "Hakuna Supply"), (www.hakunasupply.com) a premier revenue-generating, award-winning CBD products company based in California with hundreds of retail distribution partners spanning more than 20 US states.
The deal is a stock-only transaction with built-in performance-based milestones. All related documents have already been signed by both parties.
GenTech CEO, David Lovatt, commented, "This acquisition drives tremendous synergies with our existing segments, Secret Javas and Sinfit, creating an ecosystem of products with overlapping end markets and low-hanging fruit as far as supply chain unit economics through vertical integration. And, in its own right, Hakuna is a best-of-breed player in the space with multiple awards, a wide variety of successful products, a broad and diverse distribution footprint, and tremendous topline growth underway over recent periods."
Hakuna offers award-winning high-end CBD-based products, including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas, and other premium products. Hakuna also offers a range of popular accessories, including signature stash boxes, biometric lock boxes, grinders, pipes, roach clips, rolling papers, rolling trays, and stash jars.
Hakuna Supply received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017. Hakuna's coffee has also been nominated for "Best Hemp-Derived CBD Product" by the California cannabis awards.
Hakuna is also an official distribution partner of Endocanna Health for its revolutionary consumer cannabinoid DNA test, EndoDNA, which tests an individual's DNA to make selecting and using CBD personalized. Additionally, Hakuna's CBD product line will be available through the Endocanna Health online marketplace, with relevant genetic matching profiles for each Hakuna product, based on individual DNA test results.
Hakuna products are also now available through the recently updated HakunaSupply.com digital marketplace.
Management notes that the global CBD market size reached $7.1 billion in 2019 according to Grand View Research, and is projected to surpass $9 billion in 2020 in total annual sales. The Company believes Hakuna is primed for strong growth in market share due to its high-quality brand, award-winning products, wide distribution, and updated digital presence, including recent strong sales growth for Hakuna products on Etsy.com.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The Company launched a high-end Coffee Subscription service in early 2020 called Secret Javas and has recently closed on its acquisition of Sinfit Nutrition, which offers a range of high-end Functional Foods.
Hakuna is an award-winning CBD-products company, currently nominated for "Best Hemp-Derived CBD Product" by the California Cannabis Awards after winning the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017. Hakuna was also recently awarded "Runner Up" at the Los Angeles Coffee & Donut Festival People's Choice Coffee Awards for 2019. Hakuna generates significant revenues with a substantial distribution footprint, including over 110 established retail distribution partners across over 20 states in the domestic US market. For more information on Hakuna products, visit: https://hakunasupply.com/
This press release may contain forward-looking statements, including information about management's view of GenTech, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of GenTech, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on GenTech's future results. The forward-looking statements included in this press release are made only as of the date hereof. GenTech cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, GenTech undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by GenTech.
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