Turner Venture Group, a cannabis focused investment firm in the US announced an agreement to purchase Hemp Inc. (OTC: HEMP) for $3 million USD in cash. The company is rapidly expanding into CBD and hemp-based products as it looks towards 2019, with plans to offer those products internationally.
The “is hemp and cbd the same” is a question that has been asked for years. Hemp and CBD are both terms that have been used interchangeably, but they are not the same thing.
Turner Valley Oil and Gas, Inc. (the “Company”) (“Turner”) (OTC PINK:TVOG), now Turner Venture Group, Inc., is pleased to announce the acquisition of a Texas-based Hemp / CBD consumer packaged goods (CPG) company (“Hemp Operator”) with three existing retail locations and a national e-commerce sales presence.
Locations for Retail
Since hemp and CBD became legal in the United States in 2018, this Hemp Operator has grown to three retail locations in the Houston area. The retail outlets of the Hemp Operator have helped them to develop repeat business, brand identity, product trials, and gross profit. Through a local federally insured community bank, the Hemp Operator has opened a credit card merchant account as well as an operational account for this firm.
These sites have acted as case studies for management to model the potential for growth, with plans to open up to ten more locations in the near future, pending funding and strategic direction. This footprint will not only boost sales and profitability, but it will also help the company develop a strong retail presence in the event that future reforms result in new product prospects.
Product Development & Production
The Hemp Operator is a fully integrated producer and distributor of hemp products from seed to shelf. All of our goods are created in the United States using American-made ingredients. The Hemp Operator has produced over 100 products that have passed testing and other regulatory requirements to be allowed to sell in all 50 states, including a certificate of analysis (“COA”). Tinctures, pain medications, flowers, lotions, bath salts, sweets, beverages, and a variety of other goods with their unique CBD or other component formula are examples of these products.
Trials of Hospice Care (WholeSale)
It’s fascinating to note that this Hemp Operator has begun a trial with a big hospice provider, with the possibility of expanding its own brand of hemp, CBD, and associated items as a wholesale / white label business after the studies are completed. This organization’s goal is to provide patients with CBD supplements as an alternative to established pharmaceutical therapies.
Plans for Audits
Briggs & Veselka Co. has initiated an audit of the Company’s financial accounts for the last two years in order to assist with the completion of mandatory SEC filings for uplisting to the OTCQB marketplace tier. Include a link to their webpage.
Plans for Growth
The Hemp Operator wants to take a multi-pronged strategy to growing his firm. Establishing wholesale distributors, expanding e-commerce initiatives, white label customer programs, and adding retail sites are all part of this plan. Sales may be expedited more cost-effectively, according to management, by establishing entire distribution options with current retail locations and related industry product distributors. These sectors include cosmetics, medicinal, and wellness items, in addition to existing CBD outlets. There are also openings in the field of physical therapy.
Steps to Finish
Turner has finalized its preliminary agreement in order to conclude the deal. Turner will conduct advanced due diligence, audits of the Hemp Operator company, final legal papers such as management agreements and terms and conditions through Purchase and Sale Agreements, and other procedures as part of the closing process. As required or authorized, these will be filed through the company’s website, OTC Markets, press releases, and EDGAR filings.
James B. Smith has nominated Jordan P. Balencic, D.O. as CEO and Chairman of the Board of Directors, both starting January 1, 2022, in order to prepare for this purchase and strengthen Turner’s operations staff. Dr. Balencic is a physician entrepreneur who has worked in the health and wellness market for over ten years. He has worked for both public and private companies in fields such as healthcare, food & beverage, and creative services. “I am genuinely thrilled and happy to be joining the team in this role as a previous business adviser to Turner,” stated Dr. Balencic. “I am looking forward to contributing to the Company’s long-term development plan alongside my fellow Board members and management.” It is expected that a new COO and General Counsel would be hired when the deal closes.