Irwin Naturals Inc. (CSE: IWIN), formerly Datinvest International Ltd. closed on its previously announced reverse takeover of Datinvest International Ltd. by Irwin Naturals. The company de-listed its common shares from the NEX Board of the TSX Venture Exchange effective at the close of business on August 13, 2021. It began trading its subordinate voting shares on the Canadian Securities Exchange (“CSE”) under the ticker “IWIN” on August 17, 2021.
Irwin Naturals is a leading herbal supplement company in the United States and is a large distributor of CBD products in mass-market and health food chain stores. The Irwin brand has been a household name for the better part of 27-years and its herbal supplements are distributed in about 100,000 stores. In 2018, Irwin became one of the first legacy supplement brands to launch a line of full-spectrum Hemp extract CBD products. Irwin’s initial product launched into the space was Irwin Naturals CBD soft-gels. Irwin continues to expand the CBD products within the Irwin Naturals’ brand more recently adding CBD topical products in the form of balms, roll-ons, gels and creams.
At present, Irwin contracts with third-party manufacturers in Kentucky, Oregon, Texas, Florida, Illinois, and California to produce Hemp-derived products. At this time though, Irwin Naturals derives the majority of its revenue from non-hemp related products.
In connection with the closing of the Business Combination, Irwin named a new leadership team as follows:
Klee Irwin – Chairman, Chief Executive Officer and Director
Philippe Faraut – Chief Financial Officer, Corporate Secretary and Director
Marc-David Bismuth – Director
Rod Kight, Esq. – Director
In connection with Business Combination, the Company effected a consolidation (the “Consolidation”) of the common shares of the Company (the “Common Shares”) on a one post-Consolidation Common Share for every 8.31617 pre-Consolidation Common Shares basis. In addition, the Company amended its articles to: (i) create the proportionate voting shares and multiple voting shares (the “Multiple Voting Shares”); (ii) to add special rights and restrictions to the Common Shares and change the identifying name of the Common Shares to “Subordinate Voting Shares”; and (iii) to change its name from “Datinvest International Ltd.” to “Irwin Naturals Inc.” Shareholder approval for certain of these matters where required was obtained at an annual and special meeting of the Company’s shareholders held on June 24, 2021.