LiveWell Canada (CSE:LVWL) announced a definitive agreement for the common share acquisition of Acenzia, a natural health products and supplements manufacturer in Ontario, for C$20 million.
As quoted in the press release:
The Transaction is part of LiveWell’s transformation to a global [cannabidiol] CBD life sciences company focused on quality products and functional outcomes. Blending science and advanced manufacturing, Acenzia is an innovator in rapid product development and therapeutics specific to particular medical conditions. These capabilities will further LiveWell’s health-related research in CBD and other cannabinoids and fast-track the Company’s CBD product development.
“Leveraging strategic partnerships are key to scaling quickly and capitalizing on the immense and immediate market opportunities,” said David Rendimonti, President and CEO of LiveWell. “The acquisition of Acenzia represents an opportunity for proprietary brand insight and product innovation. Their advanced therapeutics and easy-to-access diagnostics fall into a category of their own,” he added.