Fast Forward Innovations Ltd notes EMMAC wellness brands sale to Yooma
FastForward has a 2.3% interest in the issued stock of EMMAC and an 8.95% interest in the issued stock of Yooma.
Fast Forward Innovations Ltd () says investee company has sold its wellness brands to Yooma Wellness, another member of its portfolio.
Yooma (CSE:YOOM) will acquire the brands Blossom, MYO, Hello Joya and What the Hemp, having previously licensing the brands from EMMAC in January.
The total purchase price is approximately US$8.1mln, payable as roughly 7.46mln shares of Yooma at a price of CA$1.384.
Antonio Costanzo, EMMAC’s chief executive, said: “EMMAC’s strategic focus is to accelerate the growth of its medical cannabis and B2B wellness business operations.
“The strength of our vertically integrated business model and the investment made in our European facilities in the past year means that we have a compelling market advantage to deliver real revenue growth in these areas.”
EMMAC pointed to research from market research firm, Brightfield Group, that projects Europe’s medical cannabis market will grow by more than 50% a year to over US$3.1bn by 2025.
Costanzo added: “As a result of this sale, Yooma has the opportunity to capitalise on the traction that EMMAC’s wellness brands have made, particularly in the UK, and extend the distribution channels for these brands into China and further Asian markets.”
FastForward has a 2.3% interest in the issued stock of EMMAC and an 8.95% interest in the issued stock of Yooma.
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