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The entire Covalent CBD management team will remain with Hempacco.
San Diego-based nutraceutical company Hempacco Co. Inc. (NASDAQ: HPCO) plans to expand its production and distribution capacity with the acquisition of some of the assets owned by competitor Covalent CBD.
Although terms of the deal were not disclosed, and it’s not clear what precise assets are being acquired, Hempacco leadership said the deal will prove a “game-changer” for its bottom line and its sale of hemp- and mushroom-based nutritional supplements.
“By integrating a portion of Covalent CBD’s assets, we’re not just expanding our production capacity; we believe we’ll expand our sales to a larger network of clients, and expand our network of suppliers, which should propel our growth and innovation in the nutraceutical space,” Hempacco CEO Sandro Piancone said in a statement.
The entire Covalent CBD management team will remain on board with Hempacco following the deal, which Hempacco said will further accelerate its expansion plans.
The team-up between the two companies will also bring Hempacco more intellectual property practices, including:
Mushroom extraction using only water and magnets
Beverage and shot research and development
Manufacturing in hemp and functional mushrooms
Gummy production, including custom molds, with mushrooms, Delta-9, Delta-8, CBD, CBN, and other cannabinoids
Manufacturing of pills, capsules, tinctures, and other nutraceuticals using Hempacco’s intellectual property
Production of Hemp Blunts smoking paper
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