Big news from Pivot Pharmaceuticals! On September 5, our model portfolio company announced that a binding letter of intent was signed to acquire a strategic 51% stake in iAmHealth CBD UG. IAmHealth is an online nutraceutical sales platform serving Europe (https://www.iam.health/) designed to develop and market a variety of CBD dietary supplements and other products.
We see this step as positive, as Pivot Pharmaceuticals will open up new sales markets for its CBD products!
VANCOUVER, Sept. 5, 2019 /PRNewswire/ – Pivot Pharmaceuticals Inc. (CSE: PVOT/OTCQB: PVOTF/ FRA: NPAT) is pleased to announce that it has entered into a binding letter of intent to acquire 51% of iAmHealth, an online nutraceutical distribution and sales platform serving the EU market.
The strategic acquisition of iAmHealth (https://www.iam.health) will provide Pivot with an immediate online store and virtual footprint for its product portfolio of water soluble, shelf stable and advanced bioavailable CBD formulations. Pivot and iAmHealth will together focus on CBD related products and on products using micelle technology for vitamin supplements, power drinks, other nutraceutical products, and products supporting cancer patients during radiation and chemo therapy, tapping into the fast-growing nutraceutical market in key European markets. iAmHealth products have been tested and used in associated doctor and physiotherapist practices prior to commercial launch.
Key Highlights :
- Initial Pivot presence in three key European markets – Germany, Czech Republic and Slovakia.
- Pivot’s CBD products to be introduced as key addition to the retailer’s nutraceutical products category, to support sales and brand awareness.
- Accelerates Pivot’s multi-channel brand distribution strategy targeting the European CBD, nutraceutical and wellness markets.
Dr. Toni Rinow, CEO of Pivot Pharmaceuticals comments: “Pivot will be put on a path of accelerated revenue growth and global expansion in key cannabis markets in Canada, United States, and the European Union to become a cannabis leader in the pharmaceutical, OTC, nutraceutical and wellness markets.”
The transaction closing is subject to the execution of a definitive agreement by not later than December 31, 2019.