Lucy Scientific Discovery Announces Acquisition of BlueSky Wellness
LOS ANGELES, CA - (NewMediaWire) - September 15, 2023 - (InvestorBrandNetwork via NewMediaWire) - IBN, a multifaceted financial news, content creation and publishing company, is utilized by both public and private companies to optimize investor awareness and recognition.
Lucy Scientific Discovery (NASDAQ: LSDI), a publicly traded company focused on the development, sale, delivery and manufacturing of psychotropic products, is acquiring BlueSky Wellness Inc. and the BlueSky portfolio of brands. According to the announcement, the acquisition adds psychotropic products to the company's catalog, enabling LSDI to expand its footprint in the global wellness market. BlueSky Wellness brands include Keoni, Keoni Sport, Blush Wellness and AMMA Healing, which have generated more than $20 million in revenue in each of the last two years; BlueSky products range from full-spectrum oils to edible goods, gummies, topicals and beauty products. As part of the BlueSky acquisition, BlueSky shareholders will receive 3.5 million shares of LSDI stock along with annual earn-out payments based on a multiple of annual EBITDA in each of the next five years. LSDI also recently announced the planned acquisition of all High Times IP and brand assets.
The company noted that once it closes on both the High Times and BlueSky Wellness transactions, it anticipates having an estimated 25 million shares issued and outstanding with the two transactions together projected to add a minimum of $30 million of revenue and $10 million of EBITDA for the first 12-month period after closing. "The addition of the BlueSky portfolio and its team allows us to capitalize on revenue opportunities," said Lucy Scientific Discovery CEO Richard Nanula in the press release. "Coupled with our High Times acquisition, this strategically positions us for substantial near and long-term growth. This acquisition is a testament to our commitment to expand and grow our business, adding revenue that diversifies our company and should deliver significant value to our Lucy Scientific shareholders."
To view the full press release, visit https://cnw.fm/lUGuu
About Lucy Scientific Discovery Inc.
Lucy Scientific Discovery is a NASDAQ company with holdings and operations in a variety of psychotropic businesses. The company holds a Controlled Drugs and Substances Dealer's license granted by Health Canada's Office of Controlled Substances. Lucy Scientific Discovery Inc. and its wholly owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver and manufacture pharmaceutical-grade active pharmaceutical ingredients ("APIs") used in controlled substances and their raw material precursors. With a focus on pioneering innovative therapies for patients in need, Lucy Scientific Discovery is dedicated to advancing the understanding and applications of psychotropic medicines, improving mental health outcomes and enhancing well-being for individuals worldwide. For more information, visit the company's website at www.LucyScientific.com.
NOTE TO INVESTORS: The latest news and updates relating to LSDI are available in the company's newsroom at https://cnw.fm/LSDI
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