Naturally Splendid Signs Letter of Intent to Acquire Chi Hemp Industries Inc.

Naturally Splendid (TSXV:NSP) announced that it has entered into a letter of intent with Chi Hemp Industries Inc.
As quoted in the press release:

CHII is an online hemp company, based in Victoria, British Columbia, Canada. Their existing warehousing operation in Victoria, BC that distributes hemp products including seeds, oil and protein, will be replaced by Naturally Splendid’s 7,000 square foot facility in Burnaby, BC, on closing of the transaction.
Since 1998, CHII has been actively working to promote and educate the Canadian Hemp Industry throughout North America. CHII and its various content promoting websites are at the hub of hemp content online, which drives traffic and customers to CHII’s wholesale and online sales. All sales are driven through online properties.
CHII has sold over one million pounds of hemp products since 1998. In fiscal year 2014/2015, CHII generated approximately CAD $300,000 in sales as well as positive earnings. The additional infrastructure and support available from Naturally Splendid creates the opportunity to build upon this revenue base.

Naturally Splendid CEO, Craig Goodwin states:

We look forward to bringing CHII into the Naturally Splendid family. CHII has had a strong web presence for over 15 years. Not only are we absorbing a successful and profitable online hemp company with strong growth potential, we are most fortunate to have the invaluable experience in e-commerce strategy that Marco brings and the execution by Agnieszka to optimize online sales through the entire Naturally Splendid online presence. CHII is leading the market in search engine marketing campaigns for hemp nutrition. This is an opportunity not being capitalized by other companies due to lack of infrastructure and technology.”
Together, we also want to develop a new line of superfood products. The new brand will be a subscription based/online ordering e-commerce brand tailored to the same health consumers. Benefits of a subscription-based business are for instance building of longer relationship with customers, generating predictable monthly sales and creating of upselling opportunities.

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