New Age Farm signs LOI to acquire We Are Kured
NEW AGE Farm Inc. has entered into a letter of intent to acquire 100 per cent of the Denver-based CBD (cannabidiol) company, We Are Kured LLC. We Are Kured is an innovative on-line CBD and lifestyle company. The company has partnered with best-in-class hemp cultivators, edible manufacturers, cutting-edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100 per cent THC (tetrahydrocannabinol) free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis.
New Age Farm and We Are Kured will work toward a definitive agreement expected to take place before the end of December, 2017, wherein New Age Farm will acquire all the assets of We Are Kured in exchange for $1.15-million payable in cash and shares.
We Are Kured is led by Benjamin Martch, an active cannabis marketing entrepreneur and leader. Mr. Martch has assembled a team of leaders that has each made his or her mark in their respective sectors ranging from cannabis, finance, retail and horticulture to professional sports. Together, We Are Kured’s team operates some of the
world’s premier cannabis companies with operations in Colorado, Oregon, Massachusets, Maryland and California. We Are Kured intends to become an industry leader in the legal worldwide marketplace.
Unlike THC, CBD (short for cannabidiol), is a non-psychoactive cannabinoid and does not result in any type of high and can be legally extracted from the hemp plant and consumed.
Earlier this year, Forbes reported that: “Hemp-derived cannabidiol (CBD) is projected to be a billion-dollar market in just three years, according to a new report by Brightfield Group. The data company estimates that hemp CBD sales have already hit $170-million in 2016 and a 55-per-cent compound annual growth rate over the next five years will cause the market to crack the billion-dollar mark.” Forbes further reported that: “Brightfield determined that 64.5 per cent of the sales come through the on-line channel followed by 17.8 per cent at smoke shops. Dispensaries were third, with 9 per cent of the sales and health stores and doctors’ offices rounded out the top five.”
Carman Parente, president and chief executive officer of New Age Farm, commented: “We are very pleased at the immense opportunity We Are Kured will bring to New Age Farm to enter into a whole new sector of the cannabis industry. This will provide our stakeholders with anothe r potential revenue stream in an established and growing industry. With his cannabis, event production and business development history in Colorado, Oregon and California we are excited to have a charismatic leader like Ben Martch join our team.”
We seek Safe Harbor.
Erika Flores condensed this news release (email@example.com).
Anthony Chiu Chak Chan, Peter Krogh Jensen, David Johnson, Carman M Johnel Parente
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