THE WHAT? Yoma Wellness has announced the acquisition of U.S. based cannabinoid ingredients and consumer products manufacturer, Socati Corp.
THE DETAILS The deal, which was valued at $25 million, is said to provide “vertical integration opportunities with the ability to manufacture functional ingredients to use in its growing portfolio of cannabinoid and hemp-derived wellness products.”
The transaction follows recent Yooma acquisitions of Blossom, MYO Plant Nutrition, What the Hemp and Hello Joya.
THE WHY? The buy-out will expand Yooma Wellness into the U.S. CBD and cannabinoid ingredient market, as well as strengthen its position in Asia via sales of its CBD, hemp, and general wellness, beauty and skincare products.
Lorne Abony, Chairman of Yooma, said, “Socati’s unique ability to deliver consistent cannabinoid ingredients and finished products that meet industry-leading quality standards makes Socati a natural fit for Yooma.
“Socati acquisition further expands Yooma’s global footprint by adding Socati’s customer base which includes some of the largest consumer brands in the CBD and wellness space across North America.”