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- Medicinal kava company FijiKava (FIJ) completes the acquisition of Danodan Hempworks, including its CBD extraction US Patent 10,716,819
- Danodan manufactures a line of organic certified CBD tincture products that are available in wellness boutiques and regional natural foods supermarket shops around the US
- FijiKava has aquired Hempworks for US$235,000 ($326,931) and has assumed a 30-year loan valued at US$150,000 (A$208,679) from the US Small Business Administration
- Danodan Founder Daniel Stoops will receive 10 per cent equity in Danodan Hempworks
- FijiKavais up 4.23 per cent to 7.4 cents
Medicinal kava company FijiKava (FIJ) completes the acquisition of Danodan Hempworks, including its CBD extraction US Patent 10,716,819.
Danodan manufactures a line of organic certified CBD tincture products that are available in wellness boutiques and regional natural foods supermarket shops around the US.
FijiKava has begun work on the use of Danodan’s patented extraction process for Noble Kava products.
FijiKava Inc (USA) has acquired Danodan Hempworks, the associated production plant and equipment, inventory, raw materials trademarks and other IP and marketing collateral.
FijiKava has aquired Hempworks for US$235,000 ($326,931) and has assumed a 30-year loan valued at US$150,000 (A$208,679) from the US Small Business Administration.
FijiKava Ltd has acquired US Patent 10,716,819 for USD225,000 ($313,019) from Danodan Founder Daniel Stoops. In addition, Mr Stoops will receive 10 per cent equity in Danodan Hempworks.
Mr Stoops said the company is excited about the opportunity.
“Our products are all about reducing anxiety, relaxation, and better sleep… With the combination of investment and sales and marketing expertise of the new team, the Danodan brand has a bright future,” he said.
There have been no changes in the FijiKava Ltd board of directors or senior management team regarding the acquisition.
As of this year, FijiKava Inc. (USA) is now doing business as The Calmer Co. to help expand product lines and future acquisition ventures.
FijiKava was up 4.23 per cent to 7.4 cents at 11:18 am AEDT.
