Pivot Pharmaceuticals executed its binding letter of intent to acquire Absorbent Concept also known as ACI Foods.
Pivot Pharmaceuticals (OTCQB:PVOTF) executed its binding letter of intent to acquire Absorbent Concept also known as ACI Foods.
As quoted in the press release:
“We are excited to welcome ACI Foods to the Pivot family and together look forward to becoming a dominant force in the global hemp industry,” says Pivot CEO Patrick Frankham. “With impressive revenue and rapid growth in only three years of existence, we see an opportunity to help expand ACI Foods to significantly increase product offerings and sales. We consider this acquisition to be a strategic initiative to enable market share dominance in the hemp segment of the cannabis industry.
ACI intends to submit an application to Health Canada for an authorized Dealer’s License which will allow it to produce and supply CBD oil as well as conduct cannabinoid research and development. Pivot Pharmaceuticals will use CBD produced at ACI’s facility, as well as other cannabinoids, to formulate nutraceutical and pharmaceutical products which can support health claims and provide therapeutic benefits.