Hemp Technology Acquires True Leaf Pet
Hemp Technology Inc., a vertically integrated, publicly traded holding company operating in the hemp industry, had successfully entered into a purchase and sale agreement dated August 11, 2020, to acquire substantially all of the assets of True Leaf Pet Inc. (TLP).
The closing of the transaction pursuant to the Sale Agreement was subject to approval by the Court of the Transaction within 30 days of the execution date. The Transaction closed September 11, 2020.
“We are very pleased to advise that we have closed the acquisition of our bulk asset purchase of True Leaf Pet and we are eager to execute on the opportunities that presents” said Michael Shenher, Chairman and CEO.
“We will operate using the True Leaf Pet brand world-wide, under our wholly owned subsidiary of Hemp Tech, Pet Health Technology,” stated Chad Costa, President.
Hemp Technology Inc. will commence reporting revenue in this subsidiary in the second quarter 2020 financials.
Hemp Technology Inc. operates and intends to further obtain a diversified portfolio of subsidiary companies. With a variety of assets, products and ancillary offerings in the hemp and related industries, the Company’s fluid business model is positioned to capitalize on and quickly adapt to, changing market conditions.
The company is continually seeking growth opportunities and strategic acquisitions that support its vertically integrated business model and maintain alignment with the dynamic industry environment. HPTY has employees/consultants, operations and subsidiaries in the hemp and ancillary product industry in both Canada the US and Europe. The company has broad experience with supply chain networks and distribution frameworks in hemp and related product supply, packaging supply and accessory supply.
Hemp Technology is comprised of a highly experienced executive team with decades of combined business experience. With expertise spanning strategy, branding, business and product development, revenue generation, finance and corporate governance, they have had demonstrated success launching profitable start-ups and shaping emerging markets.
TLP, the company has more than 40 products and we intend to sell globally, primarily North America and Europe via e-commerce, distributors, wholesalers and in retail stores. Our bulk asset purchase of TLP opens the door to more than 3,500 stores and provides potential distribution reach of more than 20,000 additional stores via True Leaf’s current distribution network.
HPTY shares TLP’s original long-term vision and strategy for continued growth. With an existing similar pet product division Pettanicals Performance pet supplements and a team that has direct experience with comparable products in the hemp for pet’s industry, HPTY’s understanding of the market is integral to the continued development and support of the True Leaf Pet brand and its goals for product distribution and line expansion.