Business
EUREKA Vapor Signs Binding Letter of Intent to be Acquired by North Bud Farms (CSE: NBUD) (OTCQB: NOBDF) And Have Access to Canadian and US Public Markets
EUREKA Vapor Signs Binding Letter of Intent to be Acquired by North Bud Farms (CSE: NBUD) (OTCQB: NOBDF) And Have Access to Canadian and US Public Markets.
About this update from North Bud Farms Inc
[{"type":"text","content":"\nLos Angeles, California, March 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- EUREKA Vapor is pleased to announce that it has entered into a binding letter of intent (“LOI”) for the acquisition of all issued and outstanding shares of Eureka Vapor LLC and all of its subsidiaries (“Eureka”) by North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (\"NORTHBUD\" or the \"Company\").  EUREKA Vapor is a U.S. multi-state cannabis operator.\n Eureka, through its wholly-owned subsidiaries holds Manufacturing and Distribution licenses in the states of California and Colorado. Eureka manufactures and sells a premium line of disposable vapor pens as well as multi-use cartridge-style vapor pens and hardware. Eureka has been operating in California and Colorado since 2011 and 2015, respectively, showing significant organic growth year over year. In 2018, Eureka recognized revenue of approximately CAD$11.5 million* with a net profit margin of 16%* from its California and Colorado operations. Eureka anticipates further growth in revenue due to anticipated changes to retail regulation of adult cannabis use in California. Eureka products are currently available in over 100 retail stores. (*all figures are unaudited).  For more information about Eureka Vapor, visit: www.eurekavapor.com.        “Aligning ourselves with NORTHBUD provides Eureka with both exposure to the Canadian public markets as well as the largest federally legal adult-use market in the world,” says Justin Braune, CEO of Eureka Vapor. “We will be working with the NORTHBUD team to introduce our product line into the Canadian market for the fourth quarter of 2019 when vape pens will be permitted.” “The opportunity to partner with a recognized brand in some of the most developed retail markets in North America is an exciting development for NORTHBUD,” says Ryan Brown, CEO of NORTHBUD. “We believe that vape cartridges represent a high margin and high-growth product segment of the market. The Eureka team are proven operators and possess an unmatched product knowledge which is evidenced by the strong brand loyalty that they have established.” About North Bud Farms Inc. North Bud Farms Inc., through its wholly-owned subsidiary GrowPros MMP Inc., is p...