CBD lifestyle firm NewLeaf Brands has announced that it has signed a share swap agreement with Levee Street Holdings to purchase 50% of the Texas-based distribution company.
The equity-based exchange is worth CAD 450,000 ($320,900 approx.) and the agreement includes the distribution of products from NewLeaf Brands subsidiaries We Are Kured, ReLyfe Brands, TeaLief Brands, and Drink Fresh Water.
Dallas-based Levee Street was founded by Greg Kassanoff with a focus on the ‘alternative’ beverage space.
Kassanoff is also the founder of Pioneer Louisiana and CEO of Mexcor Pioneer Wine & Spirits, which have large distribution footprints covering the states of Louisiana and Texas respectively.
NewLeaf Brands develops, markets and distributes CBD products across North America, South America, and Europe through its wholly-owned subsidiaries, with a portfolio encompassing teas, softgel capsules and beverages.
Through the partnership, the firm hopes to utilise Kassanoff’s ‘high-level’ and far-reaching relationships with the goal of becoming a leading, nationwide CBD distribution conglomerate.
Commenting on the news, NewLeaf Brands’ CEO Josh Bartch said: “We’re extremely excited to partner with Levee Street Holdings and Greg Kassanoff.
“We have spent a lot of time focusing on distribution partners, but partnering with Greg will prove to be invaluable with his decades of experience, nationwide relationships and already established infrastructure in Texas and Louisiana.”
Levee Street founder Kassanoff added: “Levee Street is excited to partner with NewLeaf Brands creating a vertically integrated distribution company and giving us the comfort to build brands as true partners.”
© FoodBev Media Ltd 2020
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