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- FijiKava’s (FIJ) subsidiary, FijiKava Inc USA, will acquire Danodan’s Portland-based CBD Tincture Plant, inventory, assets and all associated intellectual property
- Danodan produces organic certified CBD tincture products which are sold throughout wellness boutiques and regional natural foods grocery stores in the US
- To reflect with this expansion, FijiKava Inc USA will begin doing business under the name The Calmer Co from January 1, 2022
- For the acquisition, FijiKava will pay US$235,000 (A$317,717) in cash consideration for the assets and US$350,000 (A$473,196) in cash for the patent
- Shares in FijiKava are up 2.08 per cent on the market and are trading at 9.8 cents
FijiKava’s (FIJ) subsidiary, FijiKava Inc USA, will acquire Danodan’s Portland-based CBD Tincture Plant, inventory, assets and all associated intellectual property.
Danodan produces organic certified CBD tincture products which are sold throughout wellness boutiques and regional natural foods grocery stores in the US.
This acquisition will see FijiKava take the first steps to actively operate a business in the USA first with Danodan branded products and with FijiKava-branded products to follow.
To reflect this expansion, FijiKava Inc USA will begin doing business under the name The Calmer Co from January 1, 2022.
Danodan Founder Daniel Stoops is excited about the opportunity.
“We’re really excited about this opportunity. We’ve been looking for a new relationship like this. We’re aligned on values. We fit very nicely into The Calmer Co (USA)’s mission,” Mr Stoops said.
“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.”
For the acquisition, FijiKava will pay US$235,000 (A$317,717) in cash consideration for the assets and US$350,000 (A$473,196) in cash for the patent.
The acquisition is expected to be completed by January 1, 2022.
Additionally, the acquisition is subject to the completion of financial, accounting, business and legal and regulatory due diligence, director approval and receipt of all necessary approvals.
FijiKava CEO Anthony Noble commented on the acquisition.
“As FijiKava Inc (USA) commences US operations, next year, as The Calmer Co. (USA) we will be gathering, a group of likeminded brands and companies, focused on delivering customers the world’s leading suite of products to reduce anxiety, promote relaxation, improve sleep and support sports recovery and performance,” Mr Noble said.
“Danodan’s organic certified CBD tinctures are renowned in the USA for purity and quality and represent an integrative, broad-spectrum approach to herbal formulation, with a real point of difference from highly processed CBD products”
Shares in FijiKava were up 2.08 per cent on the market and were trading at 9.8 cents at 11:45 am AEDT.
