The global marijuana market is worth $150 billion, and industry watchers think widespread legalization could result in legal marijuana sales that top $200 billion worldwide in 15 years.
Analysts have estimated the hemp-CBD market to hit 22 billion by 2022, as consumers around the world increasingly looking to CBD oils, edibles, and other products to help treat chronic pain conditions and as a potential preventative measure for muscle soreness and inflammation. CBD sales are booming today, as growers of hemp ramp up production in response to increasing demand.
Cannabis legalization is sweeping over North America, 10 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.
The volatility in cannabis stocks is luring a growing number of investors toward Sun Kissed Industries Inc. (OTC: SKDI).
Yesterday, the company announced the Signing of a Letter of Intent (the “LOI”) to acquire Hakuna Supply/Products Group, Inc. (“Hakuna” or “Hakuna Supply”), a premier revenue-generating CBD-based products company located in California with over 110 established retail distribution partners across over 20 states in the domestic US market.
“This is the deal we have been hunting to thrust Sun Kissed onto the global CBD products market stage in a major way,” commented Carl Grant, Sun Kissed CEO. “Hakuna is a well-respected private market leader in CBD-based products with a massive well-established distribution footprint. The company is already a major player in the space with considerable reach and will deliver over a million dollars in immediate revenue for Sun Kissed on a forward basis.”
Hakuna offers award-winning high-end CBD-based products, including CBD Hemp Roast Coffees, CBD Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD Flower, a range of premium CBD Teas, and other premium products.
Hakuna Supply received the DOPE Magazine Best New Product award for Southern California in the non-cannabis/non-tech category in 2017
Hakuna’s coffee is currently nominated for “Best Hemp-Derived CBD Product” by the California cannabis awards
The LOI represents an agreement to pursue a transaction in which 100% of the issued and outstanding shares of Hakuna will be purchased through a definitive stock purchase agreement by Sun Kissed on or before November 22, 2019.
“According to every major research firm familiar with this market, the dramatic explosion in growth we are seeing in the CBD space is being fueled by a massive wave of mainstream adoption among typical US and global consumers,” continued Mr. Grant. “That growth is only expected to further accelerate in the months and quarters ahead, and Hakuna puts us instantly on the map as a market leading force to be reckoned with.”
Sun Kissed Industries Inc. (OTC: SKDI) is an emerging leader in the CBD-based products marketplace. The Company is pursuing meaningful acquisitions as part of an aggressive M&A strategy designed to position Sun Kissed as a dominant player in a well-defined, high-growth niche within the rapidly expanding CBD sector.
If the snowball starts rolling toward a bullish event, the bounce buying volume coupled with the long buying volume from bulls and momentum traders could create an extremely volatile near-term spike in Sun Kissed Industries Inc. stock.