The cannabis industry is solidifying day by day, and more evidence of that activity was offered up by two firms on the merger trail.
Illinois-based Acquired Sales Corp. (OTC:AQSP) has signed a Letter of Intent to merge with Lifted Liquids, also residing in the "Land of Lincoln", and take the latter firm public. Acquired Sales would then change its name to CBD LION.
The transaction is expected to inject significant growth capital into Lifted Liquids, which will allow it to even further accelerate its rapid growth.
Lifted Liquids is four years old, and has as its objective to “build a culture-based organization focused upon quality products and a healthier lifestyle.”
Lifted Liquids produces its own lines of CBD-infused products, CBD devices, research and development of CBD and vape brands and products for private label clients.
Lifted Liquids CEO Nicholas Warrender explained Tuesday: "Being in this business I noticed there was a disruptive supply chain that plagued the industry. We went to hell and back to create traceable supply chains with credible documentation."
CBD CEO Erik Lundgren said: "Our goal is to partner with successful, innovative and creative entrepreneurs like Nick, who are laser focused on making the best products for the people! We are eager to leverage each other’s tangible and intangible assets and excited for Lifted Liquids to join the PRIDE."
And what a pop the news gave investors in Acquired Sales, which gained $1.96, or 80%, to $4.41, on volume of 24,000 shares.