RE:Cannabis oil got approved for medical use entered into a letter of intent to acquire 100% of the Denver-based CBD company, We Are Kured LLC (“We Are Kured”). We Are Kured is an innovative online CBD and lifestyle company. The company has partnered with best in class hemp cultivators, edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis.
Under the terms of the letter of intent (the “LOI”), New Age Farm and We Are Kured will work toward a definitive agreement (the “Definitive Agreement”) expected to take place before the end of December 2017 wherein New Age Farm will acquire all the assets of We Are Kured in exchange for $1,150,000 payable in cash and shares.
We Are Kured is led by Benjamin Martch, an active cannabis marketing entrepreneur and leader. Mr. Martch has assembled a team of leaders that has each made his or her mark in their respective sectors ranging from cannabis, finance, retail and horticulture to professional sports. Together, We Are Kured’s team operates some of the world’s premier cannabis companies with operations in Colorado, Oregon, Massachusets, Maryland and California. We Are Kured intends to become an industry leader in the legal worldwide marketplace.
Unlike THC, CBD (short for Cannabidiol), is a non-psychoactive cannabinoid and does not result in any type of high and can be legally extracted from the hemp plant and consumed.
Earlier this year, Forbes reported that “hemp-derived cannabidiol (CBD) is projected to be a billion-dollar market in just three years, according to a new report by Brightfield Group. The data company estimates that hemp CBD sales have already hit $170 million in 2016 and a 55% compound annual growth rate over the next five years will cause the market to crack the billion-dollar mark”. Forbes further reported that, “Brightfield determined that 64.5% of the sales come through the online channel followed by 17.8% at smoke shops. Dispensaries were third, with 9% of the sales and health stores and doctor’s offices rounded out the top five.”
Benjamin Martch graduated from Colorado State University in 2007, majoring in Merchandising and Marketing. He is an industry leader in Marketing and Event Production as well as the Cannabis industry.
Since 2009, he has held multiple positions among dispensary groups throughout Colorado, including as General Manager of three Frosted Leaf dispensary locations. Subsequently, he became the Marketing Director at one of Denver’s original dispensaries, Lightshade. As Marketing Director of Lightshade, the store’s foot traffic increased significantly in less than five months. Mr. Martch also produced Denver’s first concert event based solely on cannabis named SMOKEDOWN with performances from Method Man and Redman following which he founded a digital marketing agency. His clientele includes many top companies. Mr. Martch is involved in all aspects of the cannabis industry including as an organizer of events and festivals. More details of his involvement in events can be found at Mr. Martch’s LinkedIn profile at https://www.linkedin.com/in/benmartch/ .
Mr Carman Parente, president and CEO of New Age Farm commented, “We are very pleased at the immense opportunity We Are Kured will bring to New Age Farm to enter into a whole new sector of the cannabis industry. This will provide our stakeholders with another potential revenue stream in an established and growing industry. With his cannabis, event production and business development history in Colorado, Oregon and California we are excited to have a charismatic leader like Ben Martch join our team.”
All amounts cited in this news release are in Canadian dollars. This transaction is subject, among others, to the approval of the Canadian Securities Exchange, regulators and the Company’s board of directors.