Orlando, Fla., June 13, 2022 (GLOBE NEWSWIRE) — Branded Legacy, Inc. ( BLEG), a holding company focused on the commercial development of hemp and cannabinoid beverages, as well as a line of topicals and tinctures au CBD signs a letter of intent to purchase the assets of Kamino Propagation & Research, LLC.
Branded Legacy, Inc. originally signed a letter of intent to acquire Kamino Propagation & Research, LLC on April 6, 2022. Since then, both parties have signed an updated letter of intent to reflect an asset purchase. The company is located in Newberry, Florida and is owned by military veterans Maxwell Minch and Joel Reynolds.
Kamino is in the business of growing, farming, harvesting and selling industrial hemp. Branded Legacy, Inc. circled Kamino in March 2022, and an acquisition opportunity was discussed for the long-term benefit of both companies. While on the farm, the two companies discussed how a potential acquisition creates an opportunity for Branded Legacy to own everything from seed to shelf, controlling the entire process while reducing costs. This would allow Kamino to focus on growing, farming and harvesting industrial hemp while Branded Legacy has the sales force and network to increase sales. This conversation developed and ended as more beneficial for both parties to make it an asset purchase rather than an acquisition.
Additionally, the plants grown by Kamino open up more opportunities for the development of new products that are not currently in the line. Branded Legacy President Brandon White said, “We are continuing our progress to make 2022 a watershed moment for the company. We are positioning ourselves to acquire a significant amount of assets and income. Our shareholders are extremely important to us and we strive to add value where we see fit.
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About Multipurpose Industries: Versatile Industries, LLC is on a mission to help companies enter the hemp and CBD markets by leveraging the buying power of multiple companies. In doing so, it reduces costs and minimum order quantities (MOQs) for our customers. The company believes that reducing money tied up in inventory helps increase marketing spend for small business owners. Versatile Industries feels compelled to help companies enter new markets by limiting the cost of entry while maintaining profitable margins, creating a recipe for long-term business partnerships.
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