Canbiola Announces Closing of Green Grow Farms Acquisition

HICKSVILLE, NY, Jan. 14, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Canbiola, Inc. (OTCQB: CANB) (“Canbiola” or the “Company”), a developer, manufacturer, and supplier of a variety of hemp-derived THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, creams, moisturizers, chews, and capsules, announced today the closing of the previously announced agreement for an all-stock transaction to acquire 51% of Green Grow Farms Inc. 

Green Grow Farms Inc is licensed by New York State to grow hemp under the Hemp Research Pilot Program. Green Grow Farms grows industrial hemp for grain, flower, and CBD. Green Grow Farms has successfully grown and harvested 6 Acres on two farms in Calverton, NY this year, yielding in excess of 12,000 pounds of dried biomass. The current New York inventory consists of Suver Haze and Sweetened varieties with CBD content ranging from 13% to 16%.

Green Grow Farms is expanding into extraction and processing in a strategic and calculated manner as we anticipate the extraordinary demand for CBD related products to continue.

The close of this transaction furthers the full vertical integration goals of Canbiola. The Company currently has successful consumer brands under the Pure Leaf Oil, Seven Chakras and Canbiola names and has a full, company-owned production facility in Lacey, Washington where all products are manufactured, and white label services are provided.

Canbiola Chief Executive Officer, Marco Alfonsi, commented, “We are pleased to have closed this acquisition in a timely manner as we continue to move our company forward. Green Grow Farms is a key component in moving forward with our growth initiatives, to that end, we will be providing our shareholders with an annual recap for 2019 and outlining our 2020 goals later this week.”

About Canbiola, Inc.

Canbiola, Inc. (OTCQB: CANB) is a vertically integrated conglomerate specializing in the manufacturing, formulation, and sale of THC-Free Cannabidiol (CBD) Isolate products such as oils, drops/tinctures, gels, creams, moisturizers, chews, and capsules.  All Canbiola products are organic and Non-GMO, free of impurities and contaminants, and formulated with the finest ingredients to the highest manufacturing standards. All products are certified for purity and accuracy by third-party laboratory verification.