LOUISVILLE, Ky. — Hemp Technology Inc. will enter the pet space with the acquisition of Canadian pet supplement producer Pettanicals Pet Treats Inc. The company plans to add CBD-infused pet products to the Pettanicals portfolio, which already includes a line of hemp-based pet oils.
The acquisition is worth approximately $255,000, including $102,000 of restricted common stock and $153,000 in cash.
"With the strategic acquisition of Pettanicals, HempTech will focus its efforts to position the Pettanicals' brand as a leader in the emerging international market for CBD-infused pet supplements," said Chad Costa, president of Hemp Technology. "Given the strong global demand for CBD products, we expect to successfully establish Pettanicals' product line in the pet nutrition market by leveraging its innovative science-based formulas."
Hemp Technology produces, manufactures and distributed hemp products globally.
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