Marijuana Company of America, Inc. completed the acquisition of cDistro, LLC for $2.8 million.
May 26, 2021
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Marijuana Company of America, Inc. (OTCPK:MCOA) entered into an agreement in principle to acquire cDistro, LLC on May 4, 2021.
Marijuana Company of America, Inc. (OTCPK:MCOA) completed the acquisition of cDistro, LLC for $2.8 million on May 26, 2021. As per the terms, consideration consists of cash payment of $0.25 million net of cash acquired of $0.099 million, Contingent Consideration of $1 million and 265,164,070 shares of common stock. Pursuant to the terms and conditions of the merger transaction all of the membership interests of cDistro were exchanged for shares of common stock of Marijuana Company of America, Inc., resulting in cDistro becoming a wholly owned subsidiary of Marijuana Company of America, Inc. cDistro will add Marijuana Company of America, Inc. hempsmart™ products to its portfolio of premium brands. The transaction is subject to approval by regulatory board/committee, approval of offer by cDistro, LLC shareholders, consummation of due diligence investigation, definitive agreement and third party approval needed.
Marijuana Company of America, Inc. is an owner and operator of licensed cannabis cultivation, processing, and dispensary facilities. The Company is a developer, producer, and distributor of branded cannabis and cannabidiol (CBD) products in the United States. Through its wholly owned subsidiary cDistro, Inc., it offers CBD brands along with smoke and vape shop-related products to wholesalers, c-stores, specialty retailers, and consumers in North America. Through its wholly owned subsidiary HSmart, Inc., it develops and sells CBD products under the brand name hempSMART. Its hempSMART wellness products offerings include hempSMART Brain, hempSMART Pain, hempSMART Pain Cream, hempSMART Drops, hempSMART Pet Drops, hempSMART Face, and hempSMART Drink Mix. hempSMART Brain is a personal care consumer product encapsulated with enriched non-psychoactive industrial hemp derived CBD. hempSMART Pain Cream each container is formulated with 300mg of non-psychoactive CBD.