UK cannabis business EMMAC Life Sciences Group has sold its Yooma Wellness business for over $8m with the emerging Chinese wellness market in the sights of its new owners.
Canadian Securities Exchange-listed Yooma has acquired the Blossom, MYO, Hello Joya and What the Hemp brands which have a strong presence Asia.
EMMAC and Yooma had previously signed a licensing agreement on the Yooma brands in January this year.
Ron Wardle, Co-CEO of Yooma, said the deal would allow it to target the fast-growing European market, ‘particularly in the UK where MYO Plant Nutrition‘s supplements are gaining tremendous traction with some national retailers’.
He added: ”We also intend to continue our focus on China and rebrand Blossom, with plans to launch in certain Asian markets later this year.”
Antonio Costanzo, CEO of EMMAC, said: “EMMAC’s strategic focus is to accelerate the growth of its medical cannabis and B2B wellness business operations.”
The total purchase price is approximately US$8.1m, and will be payable as 7,459,981 shares of Yooma valued at CA$1.384.
Yooma is an emerging marketer and distributor of cannabinoid and hemp-derived wellness products. EMMAC is Europe’s largest independent cannabis company, bringing together science and research with ccultivation, extraction and production.
It is an investee company of FastForward Innovations Ltd, an AIM quoted company focusing on making investments in cannabis and other fast-growing industries