LOS ANGELES, CA / ACCESSWIRE / May 26, 2021 / Marijuana Company of America, Inc. (OTC PINK:MCOA) ("the Company"), a diversified holding company with operations and investments throughout the cannabis industry, today announced it has completed the acquisition of cDistro, LLC ("cDistro"). cDistro is one of the hemp industry's fastest growing distribution companies and is expected to deepen the Company's distribution presence in North America.
Founded in the summer of 2020, cDistro offers the CBD brands along with smoke and vape shop related products to wholesalers, c-stores, specialty retailers, and dispensaries in North America. cDistro has seen rapid growth since its inception accumulating a catalog of eight product lines currently being sold to over 250 customers. cDistro currently generates approximately $150,000 per-month in gross revenues with generous margins, which will be included in MCOA's consolidated financial statements.
Pursuant to the terms and conditions of the merger transaction, all of the membership interests of cDistro were exchanged for shares of common stock of MCOA, resulting in cDistro becoming a wholly owned subsidiary of MCOA. cDistro will add MCOA's hempsmart™ products to its portfolio of premium brands.
"cDistro is uniquely positioned to take advantage of the developing market opportunity generated by consumers' growing demand for quality hemp products. This acquisition is significant for MCOA, as it further positions us to take advantage of immediate revenue and a huge opportunity to establish significant market share in the specialty distribution space", said Jesus M. Quintero, CEO of MCOA.
Ronald Russo, President of cDistro stated, "This acquisition is highly synergistic and will bring our national distribution to the next level. We anticipate that with funding, we could quickly become one of the largest distributors of products infused with CBD and hemp in North America. In a short period of time, cDistro has built strong relationships with quality wholesalers, retailers, and dispensaries and we look forward expanding our business with the assistance of MCOA and their mutually shared desire to bring innovative products to market."
cDistro (Retail Service / Wholesale Prices) distributes the best CBD brands, along with smoke and vape shop related products to wholesalers, c-stores, specialty retailers, and consumers in North America.
About Marijuana Company of America, Inc. (OTC: MCOA)
Marijuana Company of America is a diversified holding company with operations and investments throughout the cannabis industry. MCOA changed its strategy in 2020 to focus on sales and marketing efforts of its wholly owned hempsmart™ premium brand of hemp-based CBD (legal cannabidiol) products both domestically and internationally.
Strategic decisions and long-range planning have also led the company to pivot away from farming and focus on supplying the cannabis industry across an ever-expanding market landscape.
This news release contains "forward-looking statements," which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities and words such as "anticipate," "seek," "intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic reports filed from time to time with the Securities and Exchange Commission.
For more information, please visit www.marijuanacompanyofamerica.com or visit www.sec.gov.
SOURCE: Marijuana Company of America, Inc.