TORONTO, July 24, 2019 /CNW/ - PRESS RELEASE - International hemp and CBD company HeavenlyRx Ltd. has announced that it has closed on their acquisition of Tru Brands, Inc., a quickly growing wellness company that is building out a suite of all-natural food products that will be 100-percent Plant Fueled.
TRU Brands currently has a brand called TRUWOMEN that was founded to empower women and fuel them with Indulgent Nutrition. Their product lines of bars and nutritional powders boast the use of clean, plant-fueled ingredients chosen to meet the wellness needs of women, blurring the lines between healthy and delicious. Their business practice of elevating and providing opportunities for women, combined with their playful packaging has brought momentum and social buzz to the brand with celebrities like Megan Fox and Halle Berry joining the movement. As a result, TRUWOMEN has experienced rapid revenue growth through sales in direct to consumer channels as demand continues to rise. TRU Brands will put the company's investment toward brand building and product research and development to expand their range including the development and production of a line of CBD-infused, Plant Fueled food products expected to launch at the close of 2019.
"The combination of the growing consumer demand for plant-based solutions with CBD wellness make TRU Brands' current offering [TRUWOMEN] and their pipeline of innovation a perfect fit for HeavenlyRx. We look forward to bringing CBD to TRUWOMEN products and their pipeline of new innovation in the near future," said Paul Norman, HeavenlyRx chief executive officer.
Under the terms of the Agreement, HeavenlyRx has acquired a 51-percent interest in the shares of TRU Brands for $3.5 million in cash & $2.57 million in Heavenly Rx stock; Heavenly plans to increase its equity stake to 62-percent plus through ongoing working capital injections into TRU Brands. The acquisition of TRU Brands accelerates HeavenlyRx's trajectory of becoming a market leader in the growing hemp and CBD marketplaces. This investment follows HeavenlyRx's announcement of plans to acquire a 100-percent stake in Airganics, a dynamic company focused on developing high-performance wellness products.