LOS ANGELES--(BUSINESS WIRE)--Wealthcraft Capital Inc. (OTC PINK: WCCP) (“Wealthcraft” or the “Company”) is pleased to provide an update with respect to corporate strategy and recent acquisition initiatives.
With the passage of the 2018 Farm Bill, Wealthcraft is refocusing its acquisition strategy towards hemp cultivation, processing and Cannabidiol (“CBD”) products. “The 2018 Farm Bill changes the entire landscape for the production, marketing, distribution and sale of CBD and other health and wellness-oriented cannabinoids,” said Robert Wilson, President of Wealthcraft. “We believe that this new law will release restrictions in banking and capital markets and accelerate the growth by opening up all aspects of the CBD supply chain.”
Acquisition Update
In response to its focus on CBD, Wealthcraft is pleased to announce that it has entered into letters of intent to acquire a controlling interest in two CBD companies. The first company is a Pennsylvania-based chain of medical clinics that specialize in providing advice and certification for patients seeking cannabinoid-based therapy. Through their nine clinics, approximately 25 wholesale distributors and approximately 25,000 registered patients, the company provides medical cannabis certification services and sells CBD products both online and through their network of clinics.
“By leveraging the patient base of their partner-physicians, the company is able to directly reach a wide segment of the population who suffer from a variety of chronic illnesses,” said Robert Wilson, President of Wealthcraft. “We believe this is a unique and sustainable model for CBD sales, education and research that has incredible potential as the company undertakes its expansion into four additional states in 2019,” Wilson added.
The second letter of intent is with a Colorado-based company which produces and sells a variety of branded CBD products, including sublingual & topical sprays, gel caps, vape-pens, and a recently launched, proprietary metered CBD inhaler. The company has a strategic partnership with one of Colorado’s largest processing labs, which ensures a continuous supply of consistent quality, full spectrum CBD oil and isolate to meet current and future product demand.
“The team at Wealthcraft will be working closely with our Denver CBD partner to launch the new products, expand the company’s online reach and fulfill various wholesale channels with product inventory,” said Robert Wilson, President of Wealthcraft. “With the development and implementation of federal regulations in the CBD industry, we believe that having a well-funded, full scale supplier who is moving towards GMP compliance will be a critical competitive advantage.”
Separately, Wealthcraft recently terminated its negotiations that were announced on October 15, 2018, to acquire a controlling interest in a licensed cultivator of cannabis in Las Vegas, Nevada. Pursuant to the terms and conditions of the letter of intent, $100,000 of the deposit has been returned to Wealthcraft.
About Wealthcraft Capital
Wealthcraft Capital is a health and wellness company focused on acquiring private companies in the emerging hemp and CBD industry. The Company intends to acquire controlling interests in businesses with a view to becoming vertically integrated across hemp cultivation and processing, CBD-based product production, branding, distribution and sales. Wealthcraft intends to work with these acquisition partners to develop wholesale markets, products and brands that can be introduced into the retail wellness market as well as patient-based facilities and clinics.
This Press Release contains certain “forward-looking statements” as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements reflect our current expectations regarding our possible future results of operations, performance, and achievements. Wherever possible, the Company has tried to identify these forward-looking statements by using words such as “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend,” and similar expressions. These statements reflect our current beliefs and are based on information currently available to us. Accordingly, these statements are subject to certain risks, uncertainties, and contingencies, which could cause our actual results, performance, or achievements to differ materially from those expressed in, or implied by, such statements. Further, the safe harbor provisions of the Exchange Act may not apply to an issuer that issues penny stock. These statements speak only as of the date of this press release. Actual results may differ materially from those indicated by such forward- looking statements as a result of various important factors. The Company does not assume any obligation to update any forward-looking statements to reflect events or circumstances after the date of this Press Release except as required by applicable law.