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Hemp-infused beverage producer, Good Hemp, has closed its acquisition of Diamond Creek Group, as it looks to capitalise on the growing demand for functional waters.
Diamond Creek is a provider of ionised high alkaline natural spring water, which it sells in 1 gallon, 1 litre and 500ml bottles.
In its 2020 review, Good Hemp said that its acquisition of Diamond Creek aligns with its distribution footprint expansion plans, and positions the company with an easier route to gain shelf space for its CBD-based products.
With the deal, Good Hemp also aims to capitalise on the growth in the market for functional and alkaline waters. The acquisition sees Diamond Creek become a wholly owned subsidiary of Good Hemp.
“I am very excited about the closing of the acquisition with Good Hemp. I have spent over a decade building this business and connecting with customers looking for a quality hydration solution,” said Ken Morgan, founder of Diamond Creek.
“Through this acquisition, Good Hemp is positioned to take Diamond Creek to the next level, and I am thrilled to remain part of the team.”
Under its new ownership, Diamond Creek will leverage Good Hemp’s broker and distribution network as opposed to remaining focused only on direct store delivery.
“We vetted several strategic acquisitions before closing on Diamond Creek and continue to look at other opportunities to expand sales, streamline operations, and increase our earnings per share,” said Bill Alessi, CEO of Good Hemp.
“We believe that with current Diamond Creek sales alone, we can increase our FY 2021 revenue by more than 500%.”
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