- Brand X Lifestyle (BXXX) subsidiary, CBIO Brand Distribution International (CBIO USA) has acquired two health and wellness brands
- Both of the acquired brands have a focus on the hemp-complex, CBD-infused consumer health market
- CBIO USA paid the seller an aggregate 300,000 common shares in Brand X, at C$0.20 per share, for the assets
- Later this month, CBIO will reveal its plans for developing, launching, and marketing its brands, products, and sales portal
- Brand X Lifestyle (BXXX) is down 5.26 per cent and is currently trading at 20 cents per share
Brand X Lifestyle (BXXX) subsidiary, CBIO Brand Distribution International (CBIO USA) has acquired two health and wellness brands.
Both of the acquired brands have a focus on the hemp-complex, CBD-infused consumer health market.
Per the acquisition terms, CBIO USA agreed to pay the seller an aggregate 300,000 common shares in Brand X, for the assets. The consideration shares in CBIO’s parent company were issued at C$0.20 per share.
As an investment company, Brand X has a diverse portfolio, consisting of companies in agricultural technology, mining technology, and health and wellness. Its portfolio now includes intellectual property within the hemp consumer sector, a market which is steadily growing.
Brand X’s subsidiary, CBIO, generates most of its revenue through sales of its SaniGenix hand sanitiser and disinfectant products. While SaniGenix was the direct result of the response to COVID-19, it has grown to become an established portfolio brand.
CBIO USA’s CEO, William Monroe, commented on the benefits of the company’s double acquisition. He also discussed upcoming plans for the company’s development, launch, and marketing of brands, products, and sales portals.
“Today’s acquisition bolsters CBIO’s suite of CPG brands, including its foundation brand launched this past April 20t, 2020.
“CBIO plans to release a comprehensive update on its overall growth strategy including brand development, product development, acquisitions, and brand marketing campaigns in mid-August 2020.” he said.
Despite the news, the company’s share price fell further today, after dropping almost 20 per cent in the last week.
Brand X Lifestyle (BXXX) is down 5.26 per cent and is trading at 20 cents per share at 10:35am EDT.