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1606 Corp (OTCPK:CBDW) an acquisition-based CBD company, has signed a definitive letter of understanding to purchase 51% of India-based nutraceutical company, Sanctum Herbal Corp. Both parties have agreed to a purchase price of $7.2 million in a combination of cash and stock. The expected closing of the deal is March 2023 pending an inspection of the factory and facilities in Hyderabad India. 1606 Corp. senior executive Austen Lambrecht is currently conducting an on-site factory survey, inspecting the inventory outlined in the deal, and meeting management and the medical advisory board.
"This is a great deal for us and for the shareholders. We're going to own 51% of Sanctum allowing us to add revenue which gets us another step closer to fulfilling the listing requirements of a national exchange… We will receive a significant amount of inventory allowing us to go to market quickly and we have access to world-class scientists who can help us develop future products. Again, it's a great deal!" stated Greg Lambrecht, CEO of CBDW.
Transaction Details
The company, Sanctum Herbal, and its shareholders will sell 51% of Sanctum to 1606 Corp. for the purchase price of roughly 7.2 million dollars. As a benefit of the purchase, CBDW will receive exclusive international distribution rights for all products and technology. CBDW will receive $7 million in inventory and the company intends to launch distribution in the U.S., Mexico and India in Q2 of 2023.
Once the deal is complete, CBDW will also have access to a team of doctors, researchers, and scientists. The advisory board consists of research doctors with various positions and medical backgrounds who will assist in qualifying and certifying product efficacies to collaborate on the research and development of new all-natural, organic products.
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Posted In: CBDW
