Vancouver-based Mota Ventures told shareholders that it had signed a letter of intent with Spain’s Vida Bcn Labs SL and Estonia’s Sativida OU, which are collectively known as Sativida, to explore a potential acquisition.
Sativida’s business reach spans throughout Europe, including Spain, Portugal, Austria, Germany, France, and the UK.
The CBD company was founded in 2016 and currently develops a large portfolio of organic CBD oils and cosmetics. It is in the process of expanding its distribution network internationally to include the US, the company reported.
According to Mota Ventures, Sativida’s revenues have grown by an average of 20% month-over-month. The firm said it plans to provide Sativida with contacts to distributors and partners across Europe and North America to allow for rapid expansion of the Sativida brand, as well as logistical and financial support.
Mota Ventures recently completed the acquisition of Colombian cannabis producer NNZ Consulting Corp, which is licensed to cultivate non-psychoactive cannabis in Colombia through its subsidiary Ihuana SAS.
“With the addition of Sativida to the company’s portfolio, we continue to increase shareholder value by bringing on companies that have existing revenue,” Mota Ventures CEO Joel Shacker said in a statement.
“The synergies that will be created between Ihuana SAS and Sativida will provide a runway for increased revenue, and sustainable growth.”
Mota Ventures expects the Sativida acquisition to be the cornerstone for entry into the European CBD market, according to Shacker.
Sativida CEO Noah Laith said the company was “excited” to work with Mota Ventures to scale up its growth. “With this acquisition, we will have access to the capital and resources required to achieve our goal of becoming a leader in CBD production and retail across international markets,” Laith said in a statement.
Terms of the acquisition are yet to be finalized and subject to due diligence, the company reported.
Mota Ventures aims to become a large-scale vertically integrated low-cost producer and exporter of CBD products globally.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas