The Alkaline Water Company has announced it has terminated its proposed acquisition of premium water brand AQUAhydrate.
Either party had the right to cancel the deal, which was announced in September, if it was not completed on or before 31 January 2020.
Alkaline Water said it will now focus on growing its Alkaline88 bottled water brand as well as a new e-commerce website.
The company has partnered with marketing agency Youtech to develop the A88CBD website that will offer a suite of CBD-infused topical products.
It is expected the site will be live from 20 February 2020 and initially offer a line of CBD topical products, including salves, balms, lotions, essential oils and bath salts.
“The termination of the transaction with AQUAhydrate allows us to focus all of our attention and resources on the core strategy of growing our flagship Alkaline88 brand and our A88CBD brand,” said Richard Wright, The Alkaline Water Company CEO.
“We view the launch of our portfolio of CBD-infused topical products as a massive opportunity for the company, and we can now fully focus on pursuing the growth of Alkaline88, A88 Infused Flavors and A88CBD.”
He added: “The e-commerce platform marks our aggressive launch into topicals as a result of our existing loyal customers’ and retail partners’ interest in our trusted brand. In the coming weeks, I would expect news and a direction with timelines for our highly anticipated and in-demand ingestibles product portfolio.”
San Francisco-based AQUAhydrate produces purified water with electrolytes and is backed by celebrity investors Mark Wahlberg and Sean ‘Diddy’ Combs.
© FoodBev Media Ltd 2020