Hemp-Focused CV Sciences Expands Via New Cannabis Acquisition, Here’s What Investors Need To Know
CV Sciences, Inc. (OTCQB:CVSI) a hemp-focused wellness company announced on Thursday it’s acquiring Extract Labs, Inc., a manufacturer and distributor of premium cannabinoid products including gummies, topicals and tinctures.
What Happened
The company noted that it has entered into a definitive agreement to purchase Extract Labs for the following considerations:
- cash payment of $400,000, less the amount of certain holdbacks and adjustments; and
- the issuance of shares of CV Sciences’ common stock valued at $1 million based on the sixty-day volume weighted average price of CV Sciences’ common stock.
Additionally, under the deal, Extract Labs sellers will be eligible to receive up to $600,000 of additional shares of CV Sciences’ common stock if Extract Labs satisfies certain revenue targets during the first year following the closing date.
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