Sun Kissed Industries, Inc. (OTC Pink: SKDI) is focused on the acquisition and development of CBD-based product opportunities and businesses. Shares of the CBD holding company soared 53%, during trading on Thursday, November 7, 2019. Over the past month, Sun Kissed Industries has seen average daily volume of under 7,000 shares. However, volume of 3.3 million shares or dollar volume of $137,700, exchanged hands during trading on Thursday.
Shares of Sun Kissed Industries surged on Thursday, after the company announced that it has signed a Letter of Intent to acquire Hakuna Supply/Products Group, Inc., a CBD product distribution company with “over 110 established retail distribution partners across over 20 states in the domestic U.S. market,” according to the company. Hakuna Supply carries a wide-range of CBD products: coffee, tea, gummies, flower, drops, drinks, and more. Under the terms of the LOI, the acquisition would be completed through a stock purchase agreement, which is estimated to occur “on or before November 22, 2019,” according to the company. Here is the full press release detailing of the LOI signing:
Sun Kissed Industries, Inc. Press Release:
NEW YORK, Nov. 07, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – Sun Kissed Industries Inc. (OTCMKTS:SKDI) (“Sun Kissed”, “SKDI”, or the “Company”), an emerging player in the CBD marketplace, is thrilled to announce the Signing of a Letter of Intent (the “LOI”) to acquire Hakuna Supply/Products Group, Inc. (“Hakuna” or “Hakuna Supply”), a premier revenue-generating CBD-based products company located in California with over 110 established retail distribution partners across over 20 states in the domestic US market.
“This is the deal we have been hunting to thrust Sun Kissed onto the global CBD products market stage in a major way,” commented Carl Grant, Sun Kissed CEO. “Hakuna is a well-respected private market leader in CBD-based products with a massive well-established distribution footprint. The company is already a major player in the space with considerable reach and will deliver over a million dollars in immediate revenue for Sun Kissed on a forward basis.”
Hakuna offers award-winning high-end CBD-based products, including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas, and other premium products.
- Hakuna Supply received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017
- Hakuna’s coffee is currently nominated for “Best Hemp-Derived CBD Product” by the California cannabis awards
The LOI represents an agreement to pursue a transaction in which 100% of the issued and outstanding shares of Hakuna will be purchased through a definitive stock purchase agreement by Sun Kissed on or before November 22, 2019.
“According to every major research firm familiar with this market, the dramatic explosion in growth we are seeing in the CBD space is being fueled by a massive wave of mainstream adoption among typical US and global consumers,” continued Mr. Grant. “That growth is only expected to further accelerate in the months and quarters ahead, and Hakuna puts us instantly on the map as a market leading force to be reckoned with.”
Research firm MRFR sees the global CBD market growing at better than 125% annually through 2026. Brightfield Group joins in this view, adding that 2019 alone will show over 900% expansion in total sales of CBD-based products across all related product groups.
About Sun Kissed Industries, Inc.
Sun Kissed Industries Inc. (OTCMKTS:SKDI) is an emerging leader in the CBD-based products marketplace. The Company is pursuing meaningful acquisitions as part of an aggressive M&A strategy designed to position Sun Kissed as a dominant player in a well-defined, high-growth niche within the rapidly expanding CBD sector.
This press release may contain forward-looking statements, including information about management’s view of Sun Kissed Industries Inc.’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Sun Kissed, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Sun Kissed’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Sun Kissed cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Sun Kissed undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Sun Kissed.