BevCanna Completes Next Step in Transformative Acquisition of Naturo Group
Emerging leader in health and wellness beverages and products, BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) is pleased to announce that, further to its news releases dated November 24, 2020 and December 12, 2020, it has entered into an amended and restated agreement (the “Definitive Agreement”) dated January 31, 2021 with Naturo Group Investments Inc. (“Naturo”). The parties have also completed the exchange of disclosure schedules, one of the precedent conditions of the Definitive Agreement.
Upon completion of the transaction (the “Transaction”), Naturo will become a wholly-owned subsidiary of BevCanna and the Company will carry on the combined business of BevCanna and Naturo. There will be no change in management of BevCanna on closing. The Transaction is expected to close in the next 10 days.
The coming together of these two emerging industry leaders will create a diversified health and wellness beverage and natural products company, with proforma $55M+ in assets on the balance sheet, and a multi-channel sales and distribution network positioned for growth.
“BevCanna and Naturo each bring a number of unique strengths to the combination, that together form an even stronger company,” said Marcello Leone, Founder of Naturo and CEO of BevCanna. “BevCanna’s leadership in the cannabis-infused beverage sector and direct to consumer e-commerce business, together with Naturo’s innovative TRACE plant-based mineral beverages and supplements, significant manufacturing & natural resource assets and extensive distribution network, will form the foundation of a unique, market-leading health and wellness company well positioned for long-term growth.”
The new BevCanna will offer one of the most unique and diverse portfolios of beverage and wellness products within both the cannabis and the plant-based categories, and will expand BevCanna’s leadership position, becoming the only fully licensed, in-house and white-label beverage manufacturing company that distributes both conventional CPG and cannabis-based beverage and wellness products. The Transaction will provide access to global, multi-channel distribution networks of traditional and cannabis specific sales channels.