Check out market updates

Bloomios acquires Denver’s Infusionz CBD operation

DENVER — Bloomios Inc. (OTCQB: BLMS), a Santa Barbara, California-based manufacturer of hemp products, has acquired Infusionz LLC, a subsidiary of Denver-based Upexi Inc. (Nasdaq: UPXI).

The $23.5 million deal signals a more-extensive partnership between Bloomios and Upexi, with Bloomios manufacturing products retained by Upexi. The acquisition includes Infusionz’s portfolio of CBD gummy brands and customers, along with its order flow, product formulations, manufacturing operations, equipment and sales team.

Upexi also is providing some financing for the deal.

“This acquisition is highly accretive and we believe that it will position Bloomios to uplist to Nasdaq,” Barrett Evans, president and chief strategy officer of Bloomios, said in a prepared statement. “Further, it will allow the Company to acquire additional complementary manufacturing operations and brands.”

The new manufacturing operations, large existing customer base, and professional sales team will expand Bloomios’s gummy manufacturing footprint, the company said in a press release, and will expand it into the direct-to-consumer market.

“This acquisition enables us to better address unmet demand and significantly improve our operational capabilities,” stated Michael Hill, CEO of Bloomios. “In addition to the new brands and expanded manufacturing capacity, it brings with it a substantial amount of new order flow, positive cash flow, valuable customer relationships, and a highly-capable sales team to drive further growth.”

Source: BizWest