Galexxy Holdings Announces Strategic Decision to Divest CBD and Hemp and Expand its Functional Mushroom Businesses

Rhea-AI Summary

Galexxy Holdings Inc. redirects resources to the Functional Mushroom Market, divesting from CBD and Hemp businesses. The company positions itself to capitalize on the growing demand for functional mushrooms, focusing on Wellbeing Farms and Galexxy LLC. Galexxy plans to expand in the direct-selling market, aiming for long-term sustainability and shareholder value maximization.

NEWPORT BEACH, CA / ACCESSWIRE / February 14, 2024 / Galexxy Holdings Inc., ("Galexxy" or "Company") (OTC PINK:GXXY), is redirecting its resources and capital into the Functional Mushroom Market, through Galexxy LLC, and Wellbeing Farms.

Galexxy Holdings, a player in diversified industries, has divested from the CBD and Hemp business to reshape its focus on emerging markets with substantial growth potential. Galexxy is also entertaining a pending arrangement to sell its vending business supporting Delta 8 Hemp products.

As part of this strategic shift, on February 09, 2024, the 69% position of ABC Wholesale owned by Galexxy Holdings was successfully returned to its original owners. This move aligns with Galexxy Holdings' commitment to positioning ahead of industry trends for future success.

The decision to divest from the cannabis and vending industries is driven by Galexxy Holdings' desire to eliminate potential uncertainties associated with the pending Farm Bill and reduce the substantial capital investment required to impact the vending industry significantly.

Galexxy Holdings has positioned two of its business units in the functional mushroom market, where it sees tremendous opportunities through Galexxy and Wellbeing Farms. The company will capitalize on the growing demand for functional mushrooms, which are gaining popularity for their health and wellness benefits. The decision strategically positions Galexxy Holdings to take advantage of the projected $69 billion industry in the coming years.

Galexxy Holdings will dedicate its efforts to three growth areas within Wellbeing Farms including online sales, over the counter (OTC), and the Big Box markets. Galexxy Holdings recognizes the potential in Wellbeing Farms to become a leading player in this expanding market.

Galexxy Holdings will channel its energy into Galexxy LLC's presence in the Direct Selling Market. With forecasted growth of a further $117 billion by 2030, the direct-selling market presents significant expansion opportunities, particularly in North American Health Supplements. This unique company has made significant progress, and a forthcoming press release will provide the latest details. Galexxy LLC will leverage its expertise, uniqueness, and resources to establish a strong foothold in this rapidly growing sector.

Galexxy Holdings remains committed to strategic decision-making that enhances its long-term sustainability and maximizes shareholder value. This will see an additional focus on the Company gaining greater control over its upstream supply chains. The company believes that these focused initiatives will not only drive growth, but also position Galexxy Holdings as a leader in the evolving landscape of functional mushrooms, health products, and direct selling.

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https://galexxyholdings.com/#contactus
Galexxy Holdings Inc.
Rachel Fyffe, VP Communications
E: Rachel@galexxyholdings.com
Office: (949)-418-7450

Forward-Looking Information

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.

www.galexxyholdings.com
www.wellbeingfarms.com
www.galexxy.com

SOURCE: Galexxy Holdings Inc.

View the original press release on accesswire.com

FAQ

What market is Galexxy Holdings redirecting its resources to?

Galexxy Holdings is redirecting its resources to the Functional Mushroom Market.

What industries is Galexxy Holdings divesting from?

Galexxy Holdings is divesting from the CBD and Hemp businesses.

What are the focus areas within Wellbeing Farms for Galexxy Holdings?

The focus areas within Wellbeing Farms for Galexxy Holdings are online sales, over the counter (OTC), and the Big Box markets.

What market is Galexxy LLC planning to expand into?

Galexxy LLC is planning to expand into the direct-selling market.

What is the forecasted growth for the direct-selling market by 2030?

The direct-selling market is forecasted to grow by a further $117 billion by 2030.