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Hemp wellness company Vertical Wellness and hemp products and services provider CanaFarma Hemp Products Corp. (CSE:CNFA) (OTC:CNFHF) are merging to create an industry leader.
The new company will continue to trade on the CSE and OTC as CanaFarma but will retail its products as Vertical Wellness. Vertical’s current CEO J. Smoke Wallin will act as new CEO for the combined businesses, which will be valued at more than $50 million.
“The ability for Smoke Wallin and his team to rapidly launch Vertical’s house of brands into distribution and retail made this deal a strategic imperative for CanaFarma Hemp,” Vitaly Fargesen, senior vice president of strategic planning at CanaFarma Hemp, told Benzinga.
Smoke Wallin, chairman and CEO of Vertical Wellness, added, “This combination of Vertical Wellness with CanaFarma Hemp provides our combined investor base with a best of class 'house of brands' and leadership and a platform for rapid growth in one of the most exciting health and wellness developments in generations. Our vision of using plant-based medicines and functional products for health and wellness resonates with today’s consumer who is looking for alternatives to big pharma.”
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