PORTLAND, OR / ACCESSWIRE / March 29, 2022 / NutraNomics, Inc. (OTC PINK:NNRX) is pleased to announce that it has signed a definitive merger agreement related to the acquisition of DHS Development, Inc. dba The Plant, of Desert Hot Springs, CA. The parties anticipate exchanging closing deliverables to officially close the acquisition in the coming days. The agreement contemplates the purchase of 100% of The Plant's assets, operations and IP. As such, DHS Development, Inc. dba The Plant will be operated as a wholly-owned subsidiary of NutraNomics, Inc., and all applicable CA State licensing and regulatory credentials will remain under DHS Development, Inc. dba The Plant as a California-based company. With this acquisition, NutraNomics and The Plant will combine resources and strive to become an industry leader in the research, development and manufacture of plant-based products to the California market, with large production capabilities designed for efficient, low-cost production and scalability. The combined management team and key personnel combine for more than forty years of experience in cannabis cultivation, extraction, manufacturing, and product innovation.
Acquisition assets include California licensing for cannabis cultivation, manufacturing, and distribution, including an active Type 7 manufacturing license which allows for extraction practices utilizing volatile, non-volatile and solventless extraction methods, including additional post-processing activities. As California's most robust manufacturing license type, the Type 7 license enables holders to perform all types of extraction and manufacturing practices, providing bearers with a definitive level of differentiation in the California market. Empowered by the NutraNomics capital infusion, The Plant is investing in necessary equipment that will enable broad production capabilities for innovative formulation and delivery methods. Production capabilities include a highly diverse array of innovative product categories including capsules, tablets, beverage products, concentrates, edibles, inhalables and topicals. In addition to production capabilities across most product types, complimentary manufacturing services are also available such as white label and private label development, contract packaging, biomass sourcing, full distribution services and R&D.
NutraNomics will assume the lease of a newly constructed, state of the art 58,000 square foot manufacturing and cultivation facility located in the Coachillin' Industrial Cultivation & Ancillary Canna Business Park, located in Desert Hot Springs, California. The new 27,000 square foot manufacturing space ensures the Company will be ideally situated for expansion and scalability. Full manufacturing capacity is expected to be reached by mid-summer 2022 at the current rate of growth, and the 29,000 square foot cultivation facility is expected to be complete and operational by August 2022.
"On behalf of NutraNomics, I am thrilled that we've reached finalization of our acquisition of The Plant and are getting to the important work of building our Company in collaboration with the fine folks of The Plant," says Jonathan Bishop, NutraNomics CEO and Chairman. "As an initial acquisition, this is an amazing opportunity for NutraNomics and The Plant personnel, customers, alliances, and investors to participate in the establishment of a strong foundation for growth, and an effective basis for future M&A's to come. The past few months of working with The Plant principles has been key to our full appreciation of the value of this alliance. As such, we are excited to introduce our new team members in the days to come. This transaction represents a methodical and responsible action in our pursuit to acquire complementary resources in the Seed, Science, Processing and Distribution model that NutraNomics continues to target, as we look forward to bringing our shareholders the greatest growth in NutraNomics history."
NutraNomics is looking forward to sharing more details in the days and weeks to come.
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact: Geoff Bazegian, IR@nutranomics.com
SOURCE: NutraNomics, Inc.
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