Minerco Acquires Over $2M Of Revenue from White Label CBD Company, WLCCO Inc. Based on Most Recent Tax Filings

Rhea-AI Summary

Minerco has successfully acquired WLCCO Inc, a white label CBD company generating approximately $2.5 million annually. This acquisition boosts psilocybin tablet production capacity by 1 million units daily. The deal aligns with Minerco's strategic goals, including debt retirement and launching the blockchain token SHRU. CEO Julius Jenge expressed optimism about expanding into legal psilocybin markets in the U.S. and meeting increasing demand. The acquisition marks the achievement of three out of four critical goals outlined earlier this year.

Positive

• Acquisition of WLCCO Inc enhances production capacity for psilocybin tablets by 1 million units daily.
• Acquisition generates approximately $2.5 million in annual revenue.
• Achievement of three out of four strategic goals including debt retirement and launch of SHRU.

Negative

• None.

Minerco completes purchase of WLCCO Inc and increases psilocybin production capacity

OAKLAND, CA / ACCESSWIRE / March 15, 2021 / Minerco (OTC PINK:MINE) announced today that they have acquired WLCCO Inc, a white label CBD company that generates approximately $2.5 million in annual revenue. This strategic purchase includes crucial equipment, increasing microdosed psilocybin tablet production capacity by 1 million units daily. In markets where psilocybin is not legal, Minerco will manufacture medical mushrooms including Chaga and Lion Mane as legal alternatives.

Minerco leadership announced the company's four critical goals at the Sankofa Shareholder and Vision Summit held on January 24, 2021:

• Retire Debt
• Acquire the equipment necessary to manufacture 1 million micro dots daily
• Launch anticipated blockchain token SHRU
• Acquire a U.S. location to maximize operations both domestically and globally

On February 16, 2021, the company announced a full settlement of debt to EROP capital. As of March 1, 2021, the company successfully launched their Blockchain token SHRU and payment application SHRUCOIN Pay. With the acquisition of WLCCO, Minerco leadership can now say that they have achieved three out of the four goals laid at the Summit with the acquisition of WLCCO.

The company is optimistic about these business developments. In light of this, Minerco CEO Julius Jenge released the following statement:

"Increasing the company's microdosed psilocybin tablet production capacity was a crucial goal to prepare the company for success as legal markets expand in the United States. We are fully prepared for the bright future of this newly legal industry and feel confident in the firm's ability to meet growing demand."

About Minerco Inc.

Minerco, Inc. The Magic Mushroom Company (OTC: MINE) is the pioneering company specializing in the research, production, and distribution of psilocybin mushroom products ("Magic Mushrooms''). The Blockchain token SHRU can be used for purchases relating to psilocybin and cannabis. SHRU can be purchased at www.shrucoin.com. Consumers can also utilize the SHRUCOIN Pay app by visiting www.shrucoinpay.com . To learn more about Minerco, Inc. visit them at www.minercoinc.com. To research Minerco, Inc's. stock histogram chart please visit OTC Markets at www.otcmarkets.com and search under the ticker MINE.

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About WLCCO

White Label CBD Co (WLCCO Inc) is a seed to shelf full-service private label manufacturer of industrial hemp CBD products with over 10 years industry experience and produced in a cGMP facility. Their trusted source of raw products out of Lexington, KY extracts over 20,000 pounds daily using safe CO₂ for solvent-free extraction.

MINERCO, INC. INC FORWARD-LOOKING STATEMENTS

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect", "intend", "plan", "estimate", "anticipate", "believe", "should", or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Minerco, Inc.

View source version on accesswire.com:
https://www.accesswire.com/635432/Minerco-Acquires-Over-2M-Of-Revenue-from-White-Label-CBD-Company-WLCCO-Inc-Based-on-Most-Recent-Tax-Filings

FAQ

What is the significance of Minerco's acquisition of WLCCO Inc?

The acquisition significantly increases Minerco's psilocybin production capacity and adds $2.5 million in annual revenue.

How will Minerco's acquisition impact its operations?

The acquisition allows Minerco to meet increasing demand in expanding legal markets for psilocybin in the U.S.

What are Minerco's strategic goals following the WLCCO acquisition?

Minerco aims to retire debt, enhance production capacity, and expand its blockchain token offerings.

How does WLCCO's revenue contribute to Minerco's growth?

WLCCO's $2.5 million annual revenue contributes to Minerco's financial stability and market positioning.