ELEV8 BRANDS IN/SH SH (OTCMKTS:VATE) has acquired Blessed Bean Coffee, LLC, and its wholly-owned subsidiary. The latter is a private label roaster based out of Longwood. The acquisition will cost Elev8 Brands, Inc. 3,541,228 restricted common shares. According to CEO of Blessed Bean Coffee Robie Leavitt, the move will benefit each of the two companies; thanks to their operational expertise. Elev8 Hemp LLC concentration is on the development and marketing of hemp-based food. Its counterpart Elev8 Brands deals with products for the fitness and wellness markets.
Elev8 Brands, Inc. continues to explore opportunities for potential growth
There is much growth in the cannabis industry with the rising demand for hemp and CBD-based products. It is for this reason that Elev8 Brands, Inc. continues to pursue any possible opportunity for growth. The acquisition of its subsidiary is well-timed given that Blessed Bean Coffee has experienced massive growth over the last twelve months.
The growth is likely to accelerate according to the CEO of the Company, Ryan Medico. He affirms, “This acquisition creates potential to do all of these things and ensure that production can keep up with our expansion, cutting costs and significantly increasing the bottom line.”
The company’s primary goal step in the right direction, build a great working relationship while expanding distribution channels. To achieve this, the company recently brought on board a full-time National Sales Manager to help in pursuing new accounts. Medico outlines that the company has a lot of moving parts, and it is essential that they are together.
Elev8 Brands, Inc. has a new distributor
Synergy Distributors has joined the distribution network for Elev8 Brands, Inc. which accommodates over 20 distributors. It has come in with much passion for expansion and execution of goals. One of its main goals is becoming the chief distributor of hemp and CBD products in Southeastern Wisconsin.
The new distributor has also already placed a couple of orders and according to Medico this expresses the interest it has. It has a keen focus on the new CBD Infused Ready to Drink Iced Tea and Iced Coffee.