$ebyh Strainsforpains, Inc. Enters into a Letter of Intent to Acquire Cannasphere Biotech, LLC and Commences Good Faith Negotiations and Pre-Purchase Due Diligence
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Wed, August 11, 2021, 10:45 AM·4 min read
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NEW YORK, NY / ACCESSWIRE / August 11, 2021 / Strainsforpains, Inc. (OTC Markets:EBYH), a New York-based purveyor of enterprise-class technology solutions for the cannabis industry, announces that it has signeda letter of intent to acquire Cannasphere Biotech, LLC, an Arizona-based developer and manufacturer of water-soluble, nanoliposomal cannabinoid products serving business clients in the cannabis industry.Poised to emerge as a global player in the rapidly-growing cannabis and CBD markets, Strainsforpains is well-positioned with its database of cannabis cultivars and strain varietals to capitalize on Cannasphere's proprietary intellectual property, expertise in the cannabis space, and industry relationships. Distribution of Cannasphere Biotech's groundbreaking nanoliposomal cannabinoid products will assist Strainsforpains in expanding its business into several revenue-producing verticals.
"We are not just selling a product, we are fulfilling a need for information about the therapeutic utility of phyto-cannabinoids derived from all varieties of cannabis. Not only do the App and Database provide a platform where consumers can educate themselves about the medicinal effects of cannabinoids, they also provide a valuable resource for medical providers, product makers, growers and other industry stakeholders." said Simon Shainberg, CEO of Strainsforpains.
According to Shainberg, the portal will also provide an ideal marketing engine for Cannasphere Biotech, which is just one of many reasons the acquisition dovetails well with the company's strategic plan for expansion and explosive growth.
"Having been very impressed by the innovative nanoliposomal technology developed by Cannasphere Biotech, we believe this acquisition will add tremendous value to the Stransforpains portfolio," said Shainberg. "The synergy of combining resources of both companies will strengthen growth potential and position Cannasphere's products with an additional competitive advantage."
