Better Plant Sciences announces that it has entered into an agreement to acquire JUSU-branded plant-based assets from JUSU Bar, JUSU Life and JUSU Cbd.
Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: BOSQF) (FSE: YG3) (“Better”) announces that it has entered into an agreement to acquire JUSU branded plant-based assets from JUSU Bar Inc., JUSU Life Inc. and JUSU Cbd Inc. The assets include all inventory, packaging, raw ingredients, and intellectual property related to 300 plant-based products for the home, body and baby, as well as the e-commerce sites where the products are sold, the customer lists and all intangible assets relating to the chain of juice bars operated in British Columbia and Alberta under the name JUSU.
Better Enters Agreement to Acquire JUSU Plant-Based Assets for $2.25 Million
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The purchase price of CAD $2.25 million will be paid in units consisting of escrowed securities and warrants. 22,500,000 shares shall be issued to JUSU Group with a trading restriction of no more than 30,000 shares per day, with trading restrictions extending over a 2.5 year period. 22,500,000 warrants to buy shares at $0.11 each are issued with a four month hold. Better Plant Sciences will not take on any liabilities or obligations as part of the deal. The transaction is expected to take place in the fall, once all due diligence is complete and all necessary approvals are obtained.
JUSU is a western Canadian health, wellness and lifestyle brand. It is positioned as a full spectrum wellness brand for premium plant-based products.
The asset purchase includes 300 JUSU products including:
- JUSU Life: (156 products) cleaning and germ-fighting products, essential oils and aromatherapy
- JUSU Body: (80 products) baby products, body lotions and washes, bug and tick spray, hair and face products, soaps, deodorants, shaving creams and sun care
- JUSU Bar: (35 products) cold-pressed juices, nut milks, health shots, smoothies and smoothie bowls, cold-brew, plant-based coffees, wraps and chia cups
- JUSU Cbd: (30 formulas) cold-pressed juices, elixirs, health shots, skin care, cosmetics, aromatherapy, supplements and pet care
“I created JUSU because I was not satisfied with the products that were available on the market. I wanted to be able to provide my family with natural products that are safe and effective. That mission was at the core of everything we developed,” says Bruce Mullen, JUSU Founder and CEO. “The Better Plant Sciences team is exactly the kind of partner that I have been looking for. Their team has the knowledge, drive, and experience to take what I have built with JUSU to the next level.”
A 2019 report by BIS Research highlighted that the plant-based food and beverage alternatives market is expected to reach $80.43 billion by 2024, with a CAGR of 13.82% from 2019 to 2024. Statista estimates that the skincare segment will increase by approximately $48 billion over that same period to $189 billion by 2025.
“JUSU is an excellent fit for the Better Plant Sciences portfolio of plant-based products that promote health, humanity and sustainability,” says Penny White, CEO of Better Plant Sciences Inc. “JUSUs diverse value chain incorporates e-commerce, wholesale and franchise paths to market, and with this we are excited to diversify the ways that we reach our customers.”
About JUSU Inc.
JUSU is a full spectrum wellness brand with a mission to enlighten consumers to the protective and effective properties of plant based products. Its group of companies is committed to making pure, organic, plant-based products for consumption, body and personal care. This includes brick-and-mortar juice bar franchise locations as well as an extensive direct-to-consumer product offering including skin care and body products, aromatherapy and home cleaning lines. JUSU is fully dedicated to offering consumers healthier alternatives to currently available chemical-based skin care, edible, and beverage products. All JUSU Group companies provide customers only the highest-quality all-natural products made from 100% natural, non-GMO ingredients and operate under the moto: Great products for great people.
About Better Plant Sciences Inc.
Better Plant Sciences develops and acquires intellectual property and other assets related to plant-based products and therapeutics, and develops, manufactures, markets, sells and distributes plant-based products that improve lives. It has over 200 proprietary wellness formulas at various stages of commercialization, including over 20 products that are now for sale through e-commerce or brick and mortar retail stores. It has 14 patent applications to protect its formulas. Its majority owned subsidiary NeonMind Biosciences Inc. is engaged in research into developing a psilocybin (psychedelic mushroom) based product for weight loss and is developing a line of coffees infused with health optimizing medicinal mushrooms including chaga, lionsmane and cordyceps.
Investor Relations Contact:
Kevan Matheson, Investor Relations
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking information and statements (collectively, “forward looking statements”) under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates, forecasts, beliefs and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: risks related to the development, testing, licensing, brand development, availability of packaging, intellectual property protection, reduced global commerce and reduced access to raw materials and other supplies due to the spread of the Coronavirus, the potential for not acquiring any rights as a result of the patent application and any products making use of the intellectual property may be ineffective or the company may be unsuccessful in commercializing them; and other approvals will be required before commercial exploitation of the intellectual property can happen. Demand for the company’s products, general business, economic, competitive, political and social uncertainties, delay or failure to receive board or regulatory approvals where applicable, and the state of the capital markets. Better cautions readers not to place undue reliance on forward-looking statements provided by Better, as such forward-looking statements are not a guarantee of future results or performance and actual results may differ materially. The forward-looking statements contained in this press release are made as of the date of this press release, and Better expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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