LOS ANGELES — Hemp Technology Inc., a publicly traded holding company in the hemp industry, has closed on its acquisition of the assets of True Leaf Pet Inc.
“We are very pleased to advise that we have closed the acquisition of our bulk asset purchase of True Leaf Pet and we are eager to execute on the opportunities that presents,” said Michael Shenher, chairman and CEO of Hemp Technology (OTCBB: HPTY). True Leaf Pet is a “global pet care company offering high quality plant-focused wellness products that improve the quality of life for companion animals,” according to a press release.
Financial terms of the deal were not disclosed.
Chad Costa, president of Hemp Technology, said: “We will operate using the True Leaf Pet brand worldwide, under our wholly owned subsidiary of Hemp Tech, Pet Health Technology Inc.”
True Leaf Pet has over 40 products that will be sold globally, primarily in North America and Europe via e-commerce, distributors and wholesalers and in retail stores, according to a press release.
Hemp Technology will begin reporting revenue in this subsidiary in its second-quarter 2020 financials.
Hemp Technology stated in the release: “HPTY shares TLP’s original long-term vision and strategy for continued growth. With an existing similar pet product division Pettanicals Performance pet supplements and a team that has direct experience with comparable products in the hemp for pet’s industry, HPTY’s understanding of the market is integral to the continued development and support of the True Leaf Pet brand and its goals for product distribution and line expansion.”