Leafbuyer Technologies, Inc. (“Leafbuyer” or “the Company”) (LBUY) announced today a non-binding letter of intent to acquire majority stake in Las Vegas-based trade show operation CBD.io. CBD.io operates one of the largest and most visible expos in the CBD and vape industries.
The agreement additionally includes an ownership stake in an e-commerce website for wholesale and retail CBD products. Additional terms of the deal were not disclosed.
CBD is the common name for Cannabidiol, a prevalent, non-psychoactive cannabinoid found in cannabis. Preliminary research shows CBD may help relieve pain, anxiety, and other ailments.
“CBD has become a pop culture phenomenon, and trade shows are a lucrative and unsaturated sector of the industry,” said Kurt Rossner, CEO of Leafbuyer. “CBD.io is a profitable company and has a proven financial model that will increase Leafbuyer’s top line and be a powerful driver for earnings. The significant advantage of this acquisition is the ability for Leafbuyer to drive tremendous brand exposure to another fast-growing segment of the industry. Last year, CBD.io sold nearly 200 booths, this year we will cross sell our platform of over 400 clients and look to double that. We will be uniquely positioned to offer a true 360 solution to customers. Our product clients can access millions of consumers through digital and in-person methods to spread brand awareness and increase profits.”
The acquisition would double Leafbuyer’s current revenue run rate.
“In 2018, CBD.io hosted one of the largest and most successful hemp and CBD industry expos in the United States. We’re expanding this year to focus on more speakers and educational series, host nearly double the booths, and bring more value to our trade show clients,” said CBD.io CEO Robb Hackett. “CBD is a hot commodity in the United States, as well as other countries around the world. With Leafbuyer, we have our sights set on locations for trade show expansion in both Europe and Asia in 2020.”
The next CBD.io trade show will be held at the Las Vegas Convention Center on November 22-23, 2019.
About Leafbuyer Technologies, Inc.
Leafbuyer.com is one of the most comprehensive online sources for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons. Leafbuyer’s national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group.
Learn more at Leafbuyer.com.
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This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings.
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