NEW YORK, Nov. 07, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRESS RELEASE -- Sun Kissed Industries Inc., an emerging player in the CBD marketplace, has announced the signing of a Letter of Intent (the LOI) to acquire Hakuna Supply/Products Group, Inc., a premier revenue-generating CBD-based products company located in California with over 110 established retail distribution partners across over 20 states in the domestic US market.
“This is the deal we have been hunting to thrust Sun Kissed onto the global CBD products market stage in a major way,” commented Carl Grant, Sun Kissed CEO. “Hakuna is a well-respected private market leader in CBD-based products with a massive well-established distribution footprint. The company is already a major player in the space with considerable reach and will deliver over a million dollars in immediate revenue for Sun Kissed on a forward basis.”
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 Supply received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017
- Hakuna’s coffee is currently nominated for “Best Hemp-Derived CBD Product” by the California cannabis awards
The LOI represents an agreement to pursue a transaction in which 100 percent of the issued and outstanding shares of Hakuna will be purchased through a definitive stock purchase agreement by Sun Kissed on or before Nov. 22, 2019.
“According to every major research firm familiar with this market, the dramatic explosion in growth we are seeing in the CBD space is being fueled by a massive wave of mainstream adoption among typical U.S. and global consumers,” continued Grant. “That growth is only expected to further accelerate in the months and quarters ahead, and Hakuna puts us instantly on the map as a market leading force to be reckoned with.”
Research firm MRFR sees the global CBD market growing at better than 125 percent annually through 2026. Brightfield Group joins in this view, adding that 2019 alone will show over 900-percent expansion in total sales of CBD-based products across all related product groups.