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Chinese CBD Market In The Sights Of Yooma After £6m EMMAC Deal

UK cannabis business EMMAC Life Sciences Group has sold its Yooma Wellness business for over $8m with the emerging Chinese wellness market in the sights of its new owners.

Canadian Securities Exchange-listed Yooma has acquired the Blossom, MYO, Hello Joya and What the Hemp brands which have a strong presence Asia.

EMMAC and Yooma had previously signed a licensing agreement on the Yooma brands in January this year.

Ron Wardle, Co-CEO of Yooma, said the deal would allow it to target the fast-growing European market, ‘particularly in the UK where MYO Plant Nutrition‘s supplements are gaining tremendous traction with some national retailers’.

Strategic Focus

He added: ”We also intend to continue our focus on China and rebrand Blossom, with plans to launch in certain Asian markets later this year.”

Antonio Costanzo, CEO of EMMAC, said: “EMMAC’s strategic focus is to accelerate the growth of its medical cannabis and B2B wellness business operations.”

The total purchase price is approximately US$8.1m, and will be payable as 7,459,981 shares of Yooma valued at CA$1.384.

Yooma is an emerging marketer and distributor of cannabinoid and hemp-derived wellness products. EMMAC is Europe’s largest independent cannabis company, bringing together science and research with ccultivation, extraction and production.

It is an investee company of FastForward Innovations Ltd, an AIM quoted company focusing on making investments in cannabis and other fast-growing industries

Peter McCuskerPeter McCusker

Peter McCusker

Peter McCusker is the Founder and Editor of BusinessCann and an experienced news and business editor, who believes it’s time to fully embrace the multiple, proven, medical benefits of the cannabis plant. BusinessCann covers the ins and outs of the growing European Regulated Medical Marijuana marketplace. Peter can be reached at [email protected].

BusinessCann is an online news publication, which supports the growth of Europe’s Hemp, CBD and Medicinal Cannabis industries by providing factual and feature articles, comment and profiles on the people and businesses forging its growth and development.
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