INDVR Brands Inc (CSE:IDVR) (OTCMKTS:CAAOF) (FRA:3YX) announced the appointment of Hugh Hempel as the company’s new president and chief operating officer (COO) after completing its previously-announced acquisitions of Nevada-based Strainz Inc and Colorado-based Bronnor, Corp through its wholly-owned INDVR Brands US subsidiary.
The acquisitions will provide INDVR with one of the largest GMP-compliant cannabis processing and manufacturing facilities in Colorado, plus four high-profile THC and CBD brands.
"Today marks a transformational milestone for our company. In addition to adding a top-tier manufacturing and processing facility, the Strainz and Bullet Concentrates is a testament to our strategy of acquiring accretive assets and leveraging new distribution networks to increase sales across the United States,” INDVR Brands CEO Joshua Mann said in a statement.
READ: INDVR Brands is building a premium house of cannabis brands
“We believe INDVR is well-positioned for its next phase of growth and we continue to expand our presence in both mature and developing markets and invest in further developing and enriching our portfolio of award-winning THC and CBD products,” Mann added.
Hempel also commented, stating: “With this combination, we now have the platform to fully execute against our vision, further accelerate our penetration into new locations and expand our already enviable market position.”
The company said it now has a distribution network of more than 1,200 dispensaries across four US states, in addition to a highly sought after Colorado processing license in good standing.
Hempel, a former Silicon Valley technology industry veteran turned healthcare entrepreneur and medical marijuana industry expert, was previously the CEO of Strainz Inc. He is also expected to be appointed to INDVR’s board of directors at its next annual meeting of shareholders on July 27, 2021.
INDVR issued 13.7 million of its Class B Super Voting shares in consideration for all assets of Strainz and Bronnor.
INDVR Brands, formerly known as Cannabis One Holdings, is a Colorado-based, Canada-listed company focused on the creation and distribution of unique and exciting brands in the legal US cannabis market.
Since August 2020, through new corporate objectives set out by the new board and management team, INDVR said it has become focused on growing its infused product brands and using those brands to expand its distribution reach to over 1,000 dispensaries across Washington, Oregon and Colorado.
Contact Sean at sean@proactiveinvestors.com