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Illumination Brands, formerly known as CBD Global Sciences Inc. (CBDNF), is a leading beverage incubator, brand portfolio owner, and wholesale distributor based in Denver, CO. The company recently announced a non-binding letter of intent to combine US operations with Hempacco Inc. (HPCO), a renowned innovator in functional product manufacturing and development. This strategic move aims to establish a vertically integrated beverage & snack brand incubator, from brand conception to distribution. The potential combination is expected to leverage Hempacco's cutting-edge manufacturing and R&D capabilities along with Illumination Brands' expansive distribution network. The combined entity, to retain the name 'Illumination Brands,' is set to redefine the market by introducing innovative functional beverages and shots while providing a one-stop-shop for brand incubation, creation, and market penetration.
Illumination Brands, formerly CBD Global Sciences Inc. (CBDN), announces plans to pay off creditors and potentially distribute remaining shares/funds to shareholders after selling its subsidiary, Illumination Holdings Inc., to Labor Smart (LTNC) for 750 million LTNC shares. CBDN was delisted from the Canadian Securities Exchange on December 5, 2023, following a Cease Trade Order since July 7, 2022. The company faced significant cash flow challenges despite attempts to shift focus from CBD to more profitable sectors.
Once LTNC shares are eligible for resale under Rule 144, CBDN plans to use them to settle debts and potentially distribute remaining assets to shareholders. The estimated distribution is 6-8 LTNC shares per CBDN share, subject to final creditor settlements. However, the company cautions that there is no assurance regarding the timing or ability to sell/distribute LTNC shares, repay creditors, or return capital to shareholders due to potential regulatory, legal, or compliance issues.
Illumination Brands, formerly known as CBD Global Sciences Inc, and Hempacco have announced a potential business combination to create a vertically integrated beverage & snack brand incubator in the USA. The combined company aims to generate $35 million in annual revenues by leveraging manufacturing capabilities and celebrity partnerships. Illumination Brands' distribution network and Hempacco's assets are expected to enhance product launches, expand Snoop Dogg's product line, target young adults with functional beverages, shots, gummies, and nutritional supplements, and drive industry innovation. Post-merger, the company plans to grow its brand portfolio, expand distribution, acquire other beverage distributors, and nurture emerging brands. However, the terms of the potential business combination are not finalized, and a definitive agreement is pending.
Global Sciences (OTC: CBDNF) has successfully completed the acquisition of Direct Store Distribution (DSD) operations from New Age Beverage Corporation, effective December 12, 2022. This acquisition enables Global Sciences to distribute beverages and snacks to over 5,000 retailers in Colorado. The transition of 144 employees and vendor relationships to its subsidiary, Legacy Distribution Group, is progressing smoothly. Daily sales from DSD operations have averaged $145,541, expected to contribute approximately $2.8 million in sales for 2022. The company plans to diversify its product offerings to enhance sales and profitability post-acquisition.
Global Sciences, Inc. (OTC: CBDNF) has terminated its letter of intent with Pure Vision Technologies to acquire Pure BioPlastics Inc. The decision was made mutually due to challenges in fulfilling the necessary due diligence for the transaction. CEO Brad Wyatt expressed disappointment but remains optimistic about potential future opportunities with Pure Vision Technologies, which focuses on biodegradable substitutes for plastics.
CBD Global Sciences Inc. (CBDNF) has successfully closed an asset purchase agreement to acquire the direct store distribution (DSD) operation from New Age Beverage Corporation, contributing to its growth strategy. The acquisition, completed for approximately US$2.29 million, includes operations that serve over 5,000 retailers in Colorado. Transitioning to new ownership was approved by the U.S. Bankruptcy Court, allowing Legacy Distribution, a subsidiary of CBD Global Sciences, to continue operations with existing management and employees while supported by an asset-based line of credit.
CBD Global Sciences Inc. (OTC: CBDNF) has entered into a definitive asset purchase agreement with New Age Beverage Corporation to acquire its Direct Store Distribution (DSD) operation, expected to close in Q4 2022, pending a 21-day diligence period and court approval due to New Age's bankruptcy. The DSD operation has over 20 years of service providing top-tier distribution to 5,000 outlets in Colorado. CEO Brad Wyatt emphasized the acquisition as a positive step for growth and profitability in the expanding DSD market.
CBD Global Sciences Inc. (OTC: CBDNF) has issued its fourth bi-weekly default status report, as mandated by NP 12-203, following the delay in filing its audited annual financial statements for 2021. The company has secured a management cease trade order that restricts trading by its CEO and CFO until all filings are submitted. Although the audit is ongoing, the firm has requested an extension for filing by July 22, 2022. The company also indicates that interim financial statements for Q1 2022 will be filed post-annual filings.
CBD Global Sciences Inc. (CBDNF) announces significant demand for its RAP SNACKS products in Colorado. Following a successful test market that generated over $93,000 in reorders, the company is set to expand distribution across all its 6,000 serviced stores. CEO Brad Wyatt expressed confidence in the brand's growth, noting unsolicited interest from non-serviced states. The RAP SNACKS line, co-created with hip-hop artists, combines unique flavors and branding, positioning it for exponential sales increases throughout 2022.
CBD Global Sciences Inc. (OTC: CBDNF) has released its third bi-weekly default status report, following a previous announcement regarding delays in filing its audited annual financial statements for the year ended December 31, 2021. The corporation received a management cease trade order from the Alberta Securities Commission, limiting trading by executive officers. The audit is ongoing, with plans to file the necessary documents by July 1, 2022. There are no significant changes to previous disclosures, and interim financial statements for Q1 2022 will also be filed post the annual filings.
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