Lucy Scientific Discovery Inc. Announces Acquisition of BlueSky Wellness Inc. in All-Stock Transaction

BlueSky Wellness’ e-commerce platform and wellness brands reported more than $20 million in revenue and adjusted EBITDA of $3 million in 2022

VANCOUVER, British Columbia, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Lucy Scientific Discovery Inc. (NASDAQ: LSDI), the leader in the psychotropic industry, which recently celebrated the acquisition of High Times' Intellectual Property, the most iconic brand in the cannabis industry, is thrilled to announce an agreement to acquire BlueSky Wellness Inc. and its portfolio of brands. This transaction expands Lucy’s footprint into the growing global wellness category by adding psychotropic products to its capabilities.

BlueSky Wellness is a portfolio of plant-based wellness brands including Keoni, Keoni Sport, Blush Wellness and AMMA Healing. Its e-commerce brands have generated over $20 million in each of its last two years and are well positioned with a collection of products ranging from full-spectrum oils to edible goods that complement High Times’ products and platforms.  

Richard Nanula, CEO of Lucy Scientific Discovery Inc., expressed his enthusiasm for the acquisition, stating, "The addition of the BlueSky portfolio and its team allows us to capitalize on revenue opportunities. Coupled with our High Times acquisition, this strategically positions us for substantial near and long-term growth. This acquisition is a testament to our commitment to expand and grow our business, adding revenue that diversifies our company and should deliver significant value to our Lucy Scientific shareholders."

Upon finalization of this acquisition, the BlueSky team will market Lucy’s MINDFUL brand, as well as a diverse range of psychotropic products for all 3 companies’ brands utilizing its e-commerce platform. Additionally, the IP and brand assets recently acquired from High Times will allow Lucy to reduce customer acquisition costs by cross-marketing brands and products, enhancing user experiences and monetizing the IP including launching into new legal markets. This collaboration marries the expansive reach of Hightimes.com with BlueSky's expertise in product design, formulation and proficiency in online marketing.