Business

Fiji Kava Expands To Cannabis-Based US Market

FijiKava Inc also plans to purchase the cannabidiol extraction US Patent from WPC Inc founder, Daniel Stoops.
08 Nov 2021 11:47
Fiji Kava Expands To Cannabis-Based US Market
FijiKava chief executive officer, Anthony Noble.

FijiKava Ltd (ASX: FIJ) expects to settle conditions by next year, concerning its efforts to branch out to the United States of America,.

The Australian-Fijian medicinal kava company will make an initial investment of FJ$1.2 million to buy assets of an American company that makes cannabis-based wellness products.

FijiKava made the announcement on the Australian Securities Exchange.

FijiKava Inc, USA aims to acquire the assets of The Whole Plant Company, trading as Danodan Hempworks USA from real estate company WPC Inc.

FijiKava Inc also plans to purchase the cannabidiol  extraction US Patent from WPC Inc founder, Daniel Stoops.

A sum of FJ$727,000 has been set for the patent price.

Danodan produces a suite of organic certified cannabidiol (CBD) tincture products, sold throughout wellness boutiques and regional natural foods grocery stores in the USA.

On completion of the transaction, FijiKava will explore using Danodan’s patented extraction process for Noble Kava products.

FijiKava sales in the USA to date have been exclusively via Amazon online or as B2B sales of ingredients.

 

The Calmer Co

FijiKava Inc. (USA) will commence business as The Calmer Co. (USA) from January 1, 2022.

Danodan founder, Daniel Stoops,  said the products were all about reducing anxiety, relaxation, and better sleep.

With the combination of investment and sales and marketing expertise of the new team, the Danodan brand has a bright future”

Gathering of like-minded brands FijiKava chief executive officer, Anthony Noble said The Calmer Co. (USA)would gather a group of likeminded brands and companies, who share the same vision as the company.

Products from The Calmer Co are expected to reduce anxiety, promote relaxation, improve sleep and support sports recovery and performance, Mr Noble said.

The global CBD market exceeds US$2.8bn1 (FJ$5.8 billion).

“We are confident that under our management, we can grow Danodan revenue strongly in 2022,” Mr Noble said.

“Growing availability of the Danodan products in retail and online will be a key initial driver of growth for the Danodan products, as it has been for FijiKava products.

“We will soon begin to work on determining if Danodan’s patented technology can be applied to Noble Fijian Kava.”

 

Conditions

The conditions of the sale precedent must be satisfied by December 24, 2021, the Australian Securities Exchange said.

FijiKava said it had sufficient capital to fund the acquisition using its current cash reserves.

“However, the company may undertake a capital raising under its current placement capacity, or pursuant to a security purchase plan to raise funds that would be allocated towards the acquisition as well as the company’s current activities,” Fiji Kava said.

Feedbackfrederica.elbourne@fijisun.com.fj

 

 



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