Turner Venture Group Announces Acquisition Agreement of Hemp / CBD Company
Turner Valley Oil and Gas (OTC PINK:TVOG), now known as Turner Venture Group, has announced the acquisition of a Texas-based Hemp/CBD consumer packaged goods company. The Hemp Operator, operating three retail locations in Houston and an e-commerce platform, aims to expand to ten stores and enhance its wholesale opportunities. With over 100 products developed, the acquisition supports growth in retail and wholesale markets. Turner has initiated an audit to support SEC filings for uplisting to OTCQB. Leadership changes include the appointment of Dr. Jordan Balencic as CEO.
- Acquisition supports expansion into the growing Hemp/CBD market.
- Retail locations have established repeat business and brand identity.
- Plans to increase retail presence from 3 to 10 locations.
- Over 100 tested products available for sale in all 50 states.
- Initiatives in place for distribution opportunities in various sectors.
- None.
AUSTIN, TX / ACCESSWIRE / January 3, 2022 / Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC PINK:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce the acquisition of a Texas-based Hemp / CBD consumer packaged goods (CPG) Company ("Hemp Operator") operating with 3 existing retail stores and a national e-commerce sales presence.
Retail Locations
Since hemp / CBD became federally legal in 2018, this Hemp Operator has expanded to 3 retail locations in the greater Houston marketplace. The Hemp Operator's retail locations have allowed them to establish repeat business, brand identity, product trials and gross profitability. The Hemp Operator has established a credit card merchant account and an operating account for this business through a local federally insured community bank.
These locations have served as case studies to model the potential for expansion by management to plan to expand up to 10 locations within the near term, subject to financing and strategic direction. This footprint will drive sales and profits but also helps establish a strong retail presence in the event of future reform leading to new product opportunities.
Product Production & Development
The Hemp Operator is a seed to shelf integrated manufacturer and distributor of its complete product line. All products are manufactured in the USA with America made ingredients. The Hemp Operator has developed over 100 products which have passed testing via certificate of analysis ("COA") and other required regulatory steps to be able to sell in all 50 states. These products include tinctures, pain relievers, flowers, lotions, bath salts, edibles, drinks and various other products that include their own recipe of CBD or other compounds.
Hospice Trials (WholeSale)
It is exciting to include that this Hemp Operator has started a trial with a major hospice provider which upon conclusion of its trials, may look to expand its own brand of hemp, CBD and related products as a wholesale / white label operation. The intention by this group is to offer alternative CBD supplements to its patients as an alternative to traditional pharmaceutical treatments.
Audit Plans
Briggs & Veselka Co. has begun the audit the Company's financial statements for the past two years and support completion of required SEC filings necessary for uplist to the OTCQB marketplace tier. Add a link to their website.
Growth Plans
The Hemp Operator desires to expand the business through a multi pronged approach. This includes establishing wholesale distributors, expanded e-commerce efforts,white label customer programs, and additional retail locations. Management strongly believes that sales can be accelerated cost effectively by offering whole distribution opportunities with existing retail outlets and similar industry product distributors. These industries not only include current CBD outlets but also cosmetic, medical and wellness products. There are also opportunities in the physical therapy sector.
Closing Steps
Turner has completed its preliminary agreement to close the acquisition. As part of the closing process, Turner will initiate advanced due diligence, audits of the Hemp Operator business, final legal documents such as management agreements and the terms and conditions via the Purchase and Sale Agreements and various other requirements. These will be filed via the companies website, OTC Markets, press announcements and EDGAR filings as needed or as permitted.
Management
In order to prepare for this acquisition and expand the operating team of Turner, James B. Smith has appointed Jordan P. Balencic, D.O. as CEO and Chairman of the Board of Directors, both effective January 1, 2022. Dr. Balencic is a physician entrepreneur with over 10 years of entrepreneurial experience in the health and wellness industry. He brings both public and private company experience across several industries including healthcare, food and beverage, and creative services. "As a former business advisor to Turner, I am deeply honored and proud to be joining the team in this capacity," said Dr. Balencic." I look forward to working with my fellow Board members and management to contribute to the Company's long-term growth strategy." It is estimated that at closing of this acquisition, a new COO and General Counsel will likely be appointed.
Interested Parties
Additional Information on the Hemp Operator and our current Reg D private placement can be obtained by contacting The Company directly at info@tvoginc.com. Interested Parties will be required to execute a non disclosure non circumvention agreement to protect the fidelity of our agreements with the Operator while we are going through the closing and integration process
Please refer to most recent website announcements for more information:
https://tvoginc.com/industry-news/turner-news/
About Turner Valley Oil and Gas, Inc.
Turner (OTC:TVOG) is a Venture Holding Company that acquires equity interests in innovative products and companies within the hemp, health, wellness, sanitation, infrastructure and supply chain technology segments. Turner's cornerstone acquisition of Bloomi Labs, LLC has formulation of a CBD Hand Sanitizer manufactured domestically. The Company's second acquisition includes an established CBD / Hemp operating with 3 existing retail stores and a national e-commerce sales presence.
Disclosures
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
Key Links:
OTCMarkets Profile: http://www.otcmarkets.com/stock/TVOG/profile
Disclaimer: https://TVOGinc.com/contactus/disclaimer/
Corporate Website: http://TVOGInc.com | http://BloomiClean.com
Twitter: http://twitter.com/tvoginc | http://twitter.com/BloomiClean
Facebook: https://www.facebook.com/TVOGinc/
LinkedIn: https://www.linkedin.com/company/TVOGinc/
Contacts:
Dr. Jordan Balencic, CEO
Turner Valley Oil And Gas, Inc.
Address: 5900 Balcones Drive, Suite 4503, Austin,TX 78731
Phone: 1-830-291-8189
Email: TurnerVentureGroupInc@gmail.com or info@TVOGinc.com
SOURCE: Turner Valley Oil and Gas, Inc.
View source version on accesswire.com:
https://www.accesswire.com/680585/Turner-Venture-Group-Announces-Acquisition-Agreement-of-Hemp-CBD-Company
FAQ
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