Agraflora Organics to acquire 50% of Eurasia Infused Cosmetics
AgraFlora Organics International announced that the Company has entered into a definitive agreement to acquire 50 per-cent of the issued and outstanding shares of Eurasia Infused Cosmetics. AgraFlora and Eurasia will collaborate to integrate the Company's vertically integrated, farm-to-face CBD processing, manufacturing and distribution model into the Asia Pacific region. Eurasia Infused, by way of a commercial concession with Hong Kong domiciled CBD Group Asia Limited controls a distribution agreement for CBD and hemp-derived beauty and wellness products for the territories of People's Republic of China and Hong Kong Special Administrative Region. The distribution agreement extends to AgraFlora's diverse portfolio of CBD-infused and/or hemp-oil-derived CPG personal care products, for which CBD Group Asia will have an exclusive for sales in China, including but not limited to: CBD-infused cosmetics; Hemp body soaps; Hemp-derived lotions and skin serums; and, CBD-infused sunscreen. AgraFlora and CBD Group Asia have commenced collaboration on a variety of product customization and distribution initiatives for its Whole Hemp Health line of all natural skin care products, with the objective of tailoring the Company's product offering for rapid uptake into the Asian CPG markets. The Company's Whole Hemp Health product line derived from 100 per-cent organic Canadian hemp seed oil and is presently marketed by way of brick-and-mortar retail outlets, Amazon Prime, as well as direct to consumer, through an integrated Shopify e-commerce platform. Under the terms of the Securities Purchase Agreemen AgraFlora will acquire 50 per cent of the issued and outstanding shares in the capital of Eurasia Infused, in exchange for an aggregate of 15 million common shares in the capital of the Company, based upon the five-day volume-weighted average price of AgraFlora common shares for the five trading sessions prior to the announcement of the definitive agreement. The closing of this acquisition is subject to customary terms and conditions.