Marijuana Company of America, Inc. Signs Letter of Intent to Acquire cDistro and cDistro.com
May 04, 2021 at 08:30 AM EDT
ESCONDIDO, Calif., May 04, 2021 (GLOBE NEWSWIRE) -- Marijuana Company of America, Inc. (“MCOA”) (OTC: MCOA), a diversified holding company with wholly owned subsidiaries and financial investments in various private and publicly traded companies across the cannabis industry, announced today that they have signed a Letter of Intent agreement to acquire Florida-based distributor cDistro and proprietor of cDistro.com(“cDistro”).
CDistro distributes CBD products, including CBD Oils, gummies and pet treats, CBD-infused personal care products, and other innovative supplies and solutions through its e-commerce platform www.cDistro.com. The Company distributes to convenience stores, specialty retailers, and consumers throughout North America.
Once consummated, MCOA expects to have cDistro become a wholly-owned subsidiary and deploy its capital to positively impact and expand its business operations within the regulated and licensed cannabis marketplace. MCOA anticipates an increase in revenues due to this acquisition.
"This potential acquisition aligns well with our strategy to continue to grow our company both organically and through acquisition," said Jesus M. Quintero, CEO of MCOA. "We see this as an inflection point as we are now capable of generating additional revenues from a distributor that sells high-margin, high-quality line of CBD and other related products. This adds to our dynamic portfolio that offers unique exposure to the global cannabis sector. MCOA looks forward to playing an integral role with our new subsidiary while still remaining focused on our other businesses including hempsmart™ premium brand of hemp-based CBD (legal cannabidiol) products."
According to Ron Russo, founder and CEO of cDistro, LLC, "This acquisition by MCOA will afford us many synergistic opportunities for us to take advantage of the underserved sector of the hemp-based cannabis industry in the U.S., and we look forward to fulfilling the critical need for more effective universal distribution solutions."
About Marijuana Company of America Inc.
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Any definitive agreement and the closing of such an agreement is subject to completion of adequate due diligence by both Parties.
For more information, please visit www.marijuanacompanyofamerica.com or visit www.sec.gov.
Marijuana Company of America, Inc.