1606 Corp (OTC | CBDW) Signs $7.2M LOI To Acquire Sanctum Herbal
On March 8, 2023, 1606 Corp (OTC: CBDW) announced the signing of a definitive letter of understanding to acquire 51% of the Indian nutraceutical firm, Sanctum Herbal Corp, for $7.2 million in cash and stock. The acquisition aims to enhance CBDW's revenue and expedite its listing on a national exchange. The deal includes exclusive international distribution rights and access to $7 million in inventory, targeting markets in the US, Mexico, and India for Q2 2023. The partnership promises collaboration with a team of esteemed scientists to develop organic nutraceutical products efficiently.
- Acquisition of 51% of Sanctum Herbal for $7.2 million to boost revenue.
- Exclusive international distribution rights for all Sanctum products.
- $7 million in inventory for immediate market entry.
- Access to a team of award-winning doctors and scientists for product development.
- None.
PHOENIX, March 8, 2023 /PRNewswire/ -- 1606 Corp (OTC: CBDW), an acquisition-based CBD company, announces it has signed a definitive letter of understanding to purchase
"This is a great deal for us and for the shareholders. We're going to own
The transaction is as follows; The Company, Sanctum Herbal Corp, and its shareholders will sell fifty-one percent (
Once the CBDW/ Sanctum deal is complete, CBDW will also have access to a great team of award-winning doctors, researchers, and scientists. The advisory board consists of research doctors with various positions and medical backgrounds who will assist in qualifying and certifying product efficacies to collaborate on the research and development of new all-natural, organic products. https://sanctumherbal.com/products/
"To help as many people as possible, as quickly as possible, we are focused on nutraceuticals rather than formulaic drugs that require extensive clinicals for product approval. CoroQuil-Zn is a nutraceutical classified as GRAS (Generally Recognized as Safe). The partnership with CBDW will allow us to stay on mission even faster", Said Pat Krishnan, CEO
In our world with increasing microbial and viral threats, Sanctum Herbal's mission is to develop effective new evidence-based Ayurvedic herbal supplements which are
India's Ayurvedic alternative medicine is a 5,000-year-old tradition. By returning to evidence-based herbal remedies that were documented over centuries, Sanctum Herbal can provide access to nutraceuticals that are more affordable and accessible, and produce few to no side effects. By systematically applying rational scientific processes using research, development, and manufacturing, Sanctum Herbal can offer
1606 Corp (OTC | CBDW) is an acquisition-based CBD distribution company with over 45 individual retail products. 1606 Corp acquires CBD companies to capture the required revenue to meet listing requirements on a national stock exchange. The company's goal is to qualify for uplisting within the next 24 months. CBDW is a DTC "eligible security" that is freely tradable pursuant to U.S. securities laws and is otherwise qualified to be held at DTC and serviced by all market makers in U.S. and Canada. AN.
Industry Information;
Rates of cannabidiol (CBD) usage in the United States is projected to surge in 2023, according to Stirling CBD. With recent studies suggesting as high as a
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief, or current expectations of 1606 Corp (the "Company"), its directors, or its officers concerning, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the Company's control and which could, and likely will materially affect actual results, levels of activity, performance, or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
Company Websites;
www.CBD.Inc
www.brionutrition.com
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SOURCE 1606 Corp
FAQ
What is the acquisition price for Sanctum Herbal by CBDW?
When is the acquisition of Sanctum Herbal expected to close?
What benefits will CBDW gain from acquiring Sanctum Herbal?
In which markets will CBDW distribute Sanctum Herbal products?
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