HeavenlyRx enters agreement to acquire Airganics LLC


HeavenlyRx Ltd. 

Jul 09, 2019, 12:55 ET

HeavenlyRx to Enhance CPG Portfolio With Three Distinct CBD Wellness Brands

TORONTO, July 9, 2019 /PRNewswire/ - International hemp and CBD company HeavenlyRx Ltd. ("HeavenlyRx") is pleased to announce that it has entered into a letter of intent ("LOI") to acquire Airganics, LLC ("Airganics") a dynamic company focused on developing high performance wellness products. With the acquisition, HeavenlyRx will own all of Airganics' associated brands including Nutri-Air, MOXE, and ENVY HEMP.

Airganics' three distinct brands are uniquely poised to capture the rapidly expanding CBD wellness audience and have existing distribution in convenience-store and e-commerce channels.

  • MOXE's personal, compact, and portable aromatherapy diffusers offer wellness experiences in vape form designed to enhance aspects of your life, such as sleep, stress release, love, joy, or energy. MOXE's oils are certified organic and naturally derived. MOXE's CBD line is expected out in Q3 2019.
  • Nutriair is an American-made CPG company that has developed an innovative inhalable nutrient delivery device with 11 available product lines. Their fully disposable device's method of inhalation through micro-aerosolization allows for quicker absorption of nutrients than ingestion. All of Nutriair's oils are alcohol-free, gluten-free, sugar-free, and contain no nicotine or tobacco.
  • ENVY HEMP blends the highest quality nutritional supplements with CBD derived from organically grown American hemp to produce water-soluble CBD products that work up to 10x faster than traditional CBD products. The delivery method also ensures the products are up to 10x more bioavailable than traditional products. Their product lines span tinctures, capsules, vapes, and energy shots.

"As part of our strategy to become the dynamic leader in CBD wellness, the acquisition of Airganics brings three very unique and differentiated brands into the HeavenlyRx portfolio." Says Paul Norman, CEO of HeavenlyRx. "I am quite excited to be working with Josh and his team to shape and grow Nutri-Air, MOXE, and ENVY HEMP into powerful consumer loved brands."

"Paul's vision for combining science and innovative brands within HeavenlyRx was extremely compelling, and a perfect fit with what we have been building in our brands at Airganics. It made perfect sense that we join forces with HeavenlyRx to further drive the growth of our company," said Josh Matzkin, Founder of Airganics.

Under the terms of the binding letter of intent, HeavenlyRx will acquire 100 percent of the outstanding membership interests in Airganics for a total purchase price of USD$10,000,000.

About HeavenlyRx Ltd.
HeavenlyRx holds controlling ownership interests in various industry-leading assets in the hemp/CBD and THC-free cannabinoid wellness space, with a focus on hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products including oils, tinctures, balms, and vape-ready products. HeavenlyRx's portfolio will include several proprietary brands across numerous consumer product group verticals, including cosmetics and beauty products, bath and body products, and infused foods.

SOURCE HeavenlyRx Ltd.