William SumnerJuly 25, 2019
The hemp-CBD company Heavenly Rx Ltd. announced today that it has closed its acquisition of Tru Brands Inc. Tru Brands is a health and wellness company focused on developing a suite of all-natural food products. Under the agreement, Heavenly Rx will acquire a 51% stake in Tru Brands for $3.5 million in cash and $2.57 million in company stock. Through a series of working capital injections, the company will eventually increase its stake in Tru Brands to 62%.
“The combination of the growing consumer demand for plant-based solutions with CBD wellness make TRU Brands’ current offering [TRUWOMEN®] and their pipeline of innovation a perfect fit for HeavenlyRx. We look forward to bringing CBD to TRUWOMEN® products and their pipeline of new innovation in the near future,” said HeavenlyRx CEO, Paul Norman.
In recent months, Heavenly Rx has made a series of strategic investments in wellness companies and big-name brands. Earlier this month, the company announced that it would acquire Airganics, a health company focused on developing high-performance wellness products. Airganics owns several brands, including MOXE, an aromatherapy diffuser that will include a CBD line later this year; Nutriair, an inhalable nutrient delivery service; and ENVY HEMP, which offs hemp-based tinctures, capsules, vapes, and energy shots.
The company also generated headlines when news broke that Heavenly Rx acquired a 25% stake in the Seattle-based soda company Jones Soda for $9 million. According to Food Business News, Jones Soda plans on using the investment to grow “its existing beverage portfolio,” which potentially includes the development of CBD-infused beverages.
“Completing this funding with a strategic partner that has vast experience in the retail industry is a significant step forward for Jones Soda,” said Jones Soda CEO, Jennifer Cue. “We believe that Heavenly Rx seeking out the Jones brand is a testament to our unique beverages that resonate well with consumers, and we expect their involvement will help accelerate future C.B.D.-infused beverage brand development.”
