LOS ANGELES, Aug. 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- Cannabis Strategic Ventures, Inc. (OTC Pink:NUGS) announces the signing of a definitive agreement to acquire the Fitamins CBD brand. Under the terms of the agreement, Fitamins will be distributing their vitamin and hemp derived CBD formulations through their network of 600+ wholesalers catered to the Asian-American market.
"We have selected Fitamins because of its substantial distribution network and because of the import/export and marketing channels that Fitamins already possesses, giving it a distinct advantage once the brand comes online this next quarter," commented Simon Yu, CEO of Cannabis Strategic. "The Fitamins team includes two principles who have proven track records with developing and selling multi-million dollar brands in the Asian Nutraceuticals market along with significant resources including ownership of multiple "as seen on TV" local and DirecTV channel segments."
The agreement between the companies calls for Fitamins to initially produce a proprietary CBD product as part of Cannabis Strategic's brand portfolio, initially targeting the United States' distribution networks and eventually expanding into other Asian markets that have legalized CBD products.
Cannabidiol better known as CBD, is one of the many compounds specifically found in the Cannabis plant. It is believed that CBD provides therapeutic effects, such as pain and stress relief, and, unlike THC, does not give the user a "high" feeling. According to recent estimates from the Hemp Business Journal, the CBD market is projected to grow to a $2.1 billion market by 2020.
About Cannabis Strategic Ventures
Cannabis Strategic Ventures is based in Los Angeles and is focused on supporting entrepreneurial growth within the fast-growing legal cannabis sector. The Company recently completed a name and symbol change from Cascade Energy, Inc.Cannabis Strategic Ventures offers outsourced personnel solutions that are tailor made to match the growth dynamics of cannabis cultivators, manufacturers, dispensaries, and other cannabis marketplace participants. Cannabis Strategic Ventures is publically traded on the U.S. Over the Counter Market with the stock symbol NUGS.
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SOURCE: Cannabis Strategic Ventures, Inc.
Source: Cannabis Strategic Ventures, Inc.