This is great exposure for $INQD. The news below was picked up by Benzinga.
Indoor Harvest Corp. Acquires 369Hemp, Plans To Expand Into Smokable Hemp Market by Joana Scopel, Benzinga Staff Writer May 1, 2023 2:41 PM |
Indoor Harvest Corp. $INQD announced the completion of its acquisition of Opportunity Development Group, LLC, and its subsidiary, 369Hemp, Inc., a hemp cigarette manufacturer.
Leslie Bocskor, CEO and chairman of INQD expressed excitement about the acquisition, stating that they are confident they will immediately reap the rewards from 369Hemp's team and technology to market, manufacture, and distribute hemp cigarettes globally.
“We believe there is vast opportunity in this space and by capturing just a small percentage of the North American market we will be a strong contender in smokeable hemp."
The acquisition was made for a combination of cash and common stock. Travis Priddy, the founder and CEO of 369Hemp will be retained as president of 369Hemp under a new employment agreement.
Priddy shared his enthusiasm, saying that they “have created an authentic, true-quality alternative cigarette to what most smokers are currently accustomed to with manufacturing efficiency at speeds to scale.”
369Hemp brands include 369Hemp and white-labeled hemp cigarettes, and its distribution model consists of online direct-to-consumer, in-store retail, and wholesale markets.
Indoor Harvest's acquisition of 369Hemp is set to strengthen its foothold in the smokable hemp market, which is projected to reach $300-400 million by 2025, per Hemp Industry Daily.
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