Fintech
Brand X Lifestyle Corp. subsidiary’s CBIO Brands Acquires Two Hemp Complex CBD Infused Health & Wellness Brands
Vancouver, British Columbia–(Newsfile Corp. – August 12, 2020) – Brand X Lifestyle Corp., (CSE: BXXX) (“Brand X” or the “Company”) wholly owned subsidiary, CBIO Brand Distribution International, Inc., (“CBIO USA”) today announced the acquisition of a two hemp-complex CBD infused health & wellness brands.
Terms of the acquisition as cconsideration for the purchase of the Purchased Assets, the Buyer agrees to pay to the Seller an aggregate Three Hundred Thousand (300,000) common shares in the capital of Brand X Lifestyle Corp. (“Brand X“), the Seller’s parent company, at a deemed price of $0.20 per share, paid as at the Effective Date and registered in the name of Seller.
“Today’s acquisition bolsters CBIO’s suite of CPG brands including its foundation brand, www.ArmourGenix.com Sport, launched this past April 20th, 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 which will include the launch of its proprietary affiliate marketing and sales portal www.x3ml.com.” stated William Monroe CEO of CBIO USA.
The global adult wellness market is anticipated to reach $39 billion in sales by 2024
Market Analyst predict the CBD consumer health market could reach $43.8 Billion By 2027.
CBIO’s revenue is generated today primarily through the sale of its SaniGenix™ hand sanitizer and disinfectant products.
CBIO reported $2,076,119.73 U.S. dollars revenue for the quarter, April 1, 2020 – June 30, 2020, (using a $1.40 dollar conversion) or $2,906,567.50 CAN.
SaniGenix™ was created as a direct response to COVID-19, however, it has quickly become an established CPG portfolio brand for CBIO, distributors, retailers, and consumers.
For more information on Brand X Lifestyle Corp., and CBIO USA, visit www.brandXlifestyle.com
About Brand X Lifestyle Corp.
Brand X is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies. Brand X leverages its extensive network of operators and global thought leaders to provide investors with unparalleled access to investments that are not normally accessible to the average retail investor. In addition to Ag Tech and Mining Tech IP, the Brand X portfolio now includes IP within the Global Hemp Consumer Brand vertical. Brand X provides capital, experience, and support to emerging market leaders in the progressive health, wellness, and technology spaces while building shareholder value.
Contact:
Luke Montaine, COO
Tel: 604-349-3011
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61515