RENO, Nev., Jan. 04, 2022 (GLOBE NEWSWIRE) — Diego Pellicer Worldwide, Inc. (OTC Market: DPWW), a premium cannabis company, today announced that it has signed a non-binding letter of intent to acquire Hemp Choice Distribution, LLC, a leading provider of full spectrum hemp and CBD. The $4.4 million dollar cash and stock deal includes an initial payment of $250,000 to Hemp Choice with the balance paid in common and preferred stock.
“This is an unprecedented time in the cannabis industry. We’ve positioned Diego Pellicer Worldwide, Inc. to seize the moment and further the company’s long-term business goals,” said Nello Gonfiantini III, chief executive officer, Diego Pellicer Worldwide, Inc. “Through this acquisition of a top-notch hemp and CBD company, Diego is able to expand into a product category within the cannabis marketplace that is rapidly growing and legal on the federal level.”
Hemp Choice Distribution is a leading distributor and provider of the highest-quality CBD and hemp. The company works with growers, processors, manufacturers and retailers to provide hemp and CBD for use in a wide variety of commercial and industrial products including body care, wellness, vaping, clothing, construction materials. CBD and other cannabinoids such as CBG, CBC and CBDA in oil and water soluble form, are nonpsychoactive. These cannabinoids are used for many therapeutic applications such as anxiety, pain and inflammation reduction.
“Together Hemp Choice and Diego are forging a solid path forward. This acquisition brings the management expertise of Diego Pellicer to a leading provider of hemp and CBD – one of the fastest growing segments of cannabis,” said Gabriela Vergara, CEO and founder, Hemp Choice Distribution, LLC. “I look forward to working with Diego to expand opportunities for both companies in the hemp and cannabis space.”
Hemp Choice Distribution, LLC, based out of Denver, Colo., will become a wholly owned subsidiary of DPWW. The definitive agreement is expected to be completed and signed in the first quarter of 2022.
About Diego Pellicer Worldwide, Inc. (OTC Market: DPWW)
Diego Pellicer Worldwide, Inc. is a premium cannabis company. The company actively seeks strategic acquisitions, partnerships and collaborations in cannabis, hemp and CBD companies. To learn more about how to become a Diego Pellicer partner or investor visit www.Diego-Pellicer.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). All statements that are not historical facts are “forward looking statements.” The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Investors should consider this cautionary statement and furthermore, no assurance can be made that the transaction described in this press release will be consummated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.