GenTech Acquires
Award-Winning CBD
Products Company Hakuna Supply
NEW YORK, NY
-- October 8, 2020 -- InvestorsHub NewsWire
-- GenTech Holdings, Inc. (OTC
PINK:
GTEH) ("GenTech" or the "Company"),
(www.gentechholdings.com) an emerging leader in the
high-end Premium Coffee and Functional Foods
marketplaces, is excited to announce
the
acquisition
of Hakuna
Supply/Products Group, Inc. ("Hakuna" or "Hakuna Supply"),
(www.hakunasupply.com) a premier
revenue-generating, award-winning
CBD products
company based in California with
hundreds of
retail distribution
partners spanning more than
20
US
states.
The deal is a stock-only
transaction with built-in performance-based milestones. All related
documents have already been signed by both
parties.
GenTech CEO, David Lovatt,
commented, "This acquisition drives
tremendous synergies with our existing segments, Secret Javas and
Sinfit, creating an ecosystem of products with overlapping end
markets and low-hanging fruit as far as supply chain unit economics
through vertical integration. And, in its own right,
Hakuna is a
best-of-breed player in the space with multiple awards, a wide
variety of successful products, a broad and diverse
distribution
footprint, and tremendous topline growth
underway over recent periods."
Hakuna offers award-winning
high-end CBD-based products, including CBD Hemp Roast Coffees, CBD
Coffee Bundles, CBD Tea Bundles, CBD Drink Drops, CBD Gummies, CBD
Flower, a range of premium CBD Teas, and other premium
products. Hakuna also offers a range of
popular accessories, including signature stash boxes, biometric
lock boxes, grinders, pipes, roach clips, rolling papers, rolling trays, and stash jars.
Hakuna Supply received the DOPE
Magazine Best New Product award for Southern California in the
non-cannabis/non-tech category in 2017. Hakuna's coffee
has also
been nominated for "Best
Hemp-Derived CBD Product" by the California cannabis
awards.
Hakuna is also
an official
distribution partner of Endocanna Health for its revolutionary consumer
cannabinoid DNA test, EndoDNA, which tests an individual's
DNA to make selecting and using CBD personalized.
Additionally, Hakuna's CBD product
line will be
available through the Endocanna Health online
marketplace, with relevant genetic matching
profiles for each Hakuna product, based on individual
DNA test results.
Hakuna products are also now
available through the recently updated HakunaSupply.com
digital
marketplace.
Management notes that
the global
CBD market size reached $7.1 billion in 2019 according to
Grand View Research,
and is projected
to surpass
$9 billion in 2020 in total annual sales.
The Company believes Hakuna is primed for strong growth in
market share due to its high-quality brand, award-winning products,
wide distribution, and updated digital presence, including recent
strong sales growth for Hakuna products on Etsy.com.
About GenTech
Holdings, Inc.
GenTech Holdings, Inc. is a
publicly traded company under the symbol
GTEH. The Company launched a high-end Coffee Subscription
service in early 2020 called Secret Javas and has recently closed
on its acquisition of Sinfit Nutrition, which offers
a range of high-end
Functional Foods.
About
Hakuna
Hakuna is an award-winning
CBD-products company, currently nominated for "Best Hemp-Derived
CBD Product" by the California Cannabis Awards after winning the
DOPE Magazine Best New Product award for Southern California in the
non-cannabis/non-tech category in 2017. Hakuna was also recently
awarded "Runner Up" at the Los Angeles Coffee & Donut Festival
People's Choice Coffee Awards for 2019. Hakuna generates
significant revenues with a substantial distribution footprint,
including over 110 established retail distribution partners across
over 20 states in the domestic US market. For more information on Hakuna
products, visit: https://hakunasupply.com/
Forward-Looking Statements
This press release
may contain forward-looking statements, including information about
management's view of GenTech, Inc.'s future expectations, plans and
prospects. In particular, when used in the preceding discussion,
the words "believes," "expects," "intends," "plans," "anticipates,"
or "may," and similar conditional expressions are intended to
identify forward-looking statements. Any statements made in this
news release other than those of historical fact, about an action,
event or development, are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the results of GenTech, its subsidiaries
and concepts to be materially different than those expressed or
implied in such statements. Unknown or unpredictable factors also
could have material adverse effects on GenTech's future results.
The forward-looking statements included in this press release are
made only as of the date hereof. GenTech cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, GenTech undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to update
or correct information prepared by third parties that are not paid
for by GenTech.
Corporate
Contact:
invest@gentech.group
www.gentechholdings.com
