Illumination Brands, Formerly CBD Global Sciences, and Hempacco Announce Letter of Intent for Potential Business Combination

DENVER, CO, April 30, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Illumination Brands, formerly known as CBD Global Sciences Inc (CBDN; CBDNF) ; (the "Company"), a leading beverage incubator, brand portfolio owner, and wholesale distributor,  and Hempacco Inc. (HPCO on the Nasdaq), a renowned innovator in functional product manufacturing and development, have announced that they have entered into a non-binding letter of intent to combine US operations. The combined company, to retain the name “Illumination Brands” and Hempacco’s Nasdaq exchange listing, aims to redefine the market by becoming a vertically integrated beverage & snack brand incubator in the USA, from brand conception through to research, development, sales, and distribution.

The potential combination is expected to leverage the cutting-edge manufacturing and R&D capabilities of Hempacco, along with its valuable celebrity partnerships. These strengths will be synergistically combined with Illumination Brands’ expansive distribution network, which currently generates approximately $30 Million in revenues annually across 5000+ large and small format retail locations spanning Colorado, Southern Wyoming, and parts of South Dakota. This strategic synergy is anticipated to not only bolster existing operations but also pave the way for the introduction of innovative functional beverages and shots.

Hempacco & Illumination Brands Combined Brands and Assets

The potential combination is expected to create approximately $35 million annually in revenues to the newly combined companies, which doesn’t include the projected revenues of the brands that Illumination Brands owns (Xing Tea, Go Fast, Aspen Pure and Solritos) in its brand portfolio. Here is a list of the major assets of the company if the combination closes:

Illumination Brands Assets at Closing:

·         Legacy Distribution Group, the DSD operation that was acquired from New Age Beverage boasts over 175 years of collective beverage and snack incubation and distribution in the Colorado market.

·         Xing Tea  - a RTD responsible for over 500K cases of sales annually in the Colorado market, and over 1.5 million cases annually nationwide in 2016.

·         Aspen Pure Water – Water brand with sales and distribution.

·         Beer, Wine, Alcohol and Tobacco distribution licenses.