USA: HeavenlyRx acquires majority stake in Tru Brands

HeavenlyRx, a hemp and CBD company, has announced the acquisition of Tru Brands, a US health and wellness company marketing plant-based bars and nutritional powder.

Under the agreement, Heavenly Rx will acquire a 51% stake in Tru Brands for $3.5 million in cash and $2.57 million in company stock.

Tru Brands currently markets a brand called Truwomen, with a line up of products that “boast the use of clean, plant fueled ingredients chosen to meet the wellness needs of women”, HeavenlyRx said.

Commenting on the deal, HeavenlyRx chief executive officer Paul Norman said “The combination of the growing consumer demand for plant-based solutions with CBD wellness make TRU Brands’ current offering and their pipeline of innovation a perfect fit for Heavenly Rx. We look forward to bringing CBD to Truwomen products and their pipeline of innovation in the near future”.

“The acquisition of TRU Brands accelerates HeavenlyRx’s trajectory of becoming a market leader in the growing Hemp and CBD marketplace”, the company added in a statement.

Source: HeavenlyRx (via PR Newswire)