Cannabis
Gabriella’s Kitchen Signs Definitive Agreement to Acquire Lulu’s Chocolates, a California-Based Manufacturer of CBD and THC Infused Chocolates
Following the press release dated May 16, 2019 Gabriella’s Kitchen Inc. (“GABY” or the “Company“) (CSE: GABY), is pleased to announce that it has entered into a definitive agreement with Louise (Lulu) Sharpe, the founder and President of Raw Chocolate Alchemy LLC (d.b.a Lulu’s Chocolates) to acquire all of the issued and outstanding securities, of Lulu’s Chocolates (“Lulu’s“), including the settlement of US$75,000 of outstanding debt in exchange for US$1,075,000 in GABY common shares valued at CDN$0.32 per share, which is calculated based on the 5-day volume weighted average price of GABY common shares on the Canadian Securities Exchange (“CSE“) ending May 16, 2019, (the “Transaction“). The Company anticipates closing the Transaction on or about July 26, 2019.
Lulu’s – Highlights
- Lulu’s CBD infused chocolates are sold in approximately 250 mainstream grocery stores and its traditional chocolates are sold in an additional 200 mainstream grocery stores across the United States, including Whole Foods Market in Northern California and Arizona. GABY intends to leverage Lulu’s mainstream distribution channels to accelerate the growth trajectory for GABY’s newly launched CBD products.
- Lulu’s THC infused chocolates are sold in 35 dispensaries in California. GABY’s distribution assets with access to dispensaries across California provide a strong licensed channel growth platform for Lulu’s infused products.
- Lulu’s CBD and THC infused chocolates have won multiple awards at several High Times Cannabis Cups and have been positively reviewed by such industry publications as: Leafly, New York Magazine, DOPE, and POPSUGAR. For additional media coverage see: https://www.luluchocolates.com/press-media/
Margot Micallef, Founder and CEO of GABY commented, “Chocolate and confections is one of the top selling categories in both the mainstream grocery channel as well as the regulated California cannabis edibles marketplace. With a strong start in both channels, a synergistic retail footprint, and a senior team with a proven track record of developing and commercializing award-winning products, Lulu’s represents a strong foundation for GABY’s rapid expansion in this market.” Ms. Micallef continued: “GABY is well-capitalized to execute on an aggressive organic and acquisitive growth strategy. More importantly, GABY will continue to focus on transactions that generate returns on our capital employed which inevitably creates value for shareholders”.
This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the United States Securities Act and applicable U.S. state securities laws. The Company will not make any public offering of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE Gabriella’s Kitchen
-
Cannabis1 week ago
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
-
Cannabis1 week ago
IM Cannabis Reports First Quarter Financial Results
-
Innocan1 week ago
Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey
-
Cannabis5 days ago
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa
-
Cannabis5 days ago
Global Legal Marijuana Strategic Business Report 2024: A $125+ Billion Market by 2030 Featuring Aphria, Aurora Cannabis, Beacon Medical, Canopy Growth, Cronos, OrganiGram, Tikun Olam, Tilray, Wayland
-
Cannabis4 days ago
North America Legal Cannabis Industry Report 2024: Market to Grow at a CAGR of 26.65% During 2023-2032, Bank Loans Boosting Business Growth
-
Cannabis3 days ago
Polyethylene Films Packaging Market Size to Worth USD 139.98 Bn by 2032
-
SCHWAZZE2 days ago
Schwazze Announces First Quarter 2024 Financial Results