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Golden Developing Solutions, Inc. (OTC:DVLP), a developer of online retail businesses for cannabidiol, hemp oil and health and wellness products, said Monday that it completed the acquisition of CBD product manufacturer Infusionz, LLC.
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What Happened
In October, Golden Developing Solutions said it began negotiations to acquire a premier CBD oil company. At the time, the company did not disclose the name of its acquisition target. Golden Developing Solutions also did not report the value of the acquisition.
CBD Infusionz offers the products it manufactures through its website, as well as retail outlets and contract manufacturing agreements.
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Why It's Important
The acquisition of a CBD product manufacturer is one of the latest steps that Golden Developing Solutions has taken to establish a presence in the growing CBD market. In January, the company said it will build a facility for high-capacity CBD extraction and production. Last month, it announced the launch of its new WheresCBD portal, similar to its successful WheresWeed, an online and mobile platform for cannabis purchasing and delivery.
The U.S. CBD market is very promising: New Frontier Data's Hemp Business Journal estimates that the hemp-derived CBD market will grow $390 million in 2018 to $1.3 billion by 2022.
What's Next
Golden Developing Solutions said it expects the acquisition of CBD Infusionz will represent a great addition to its CBD business and will provide value for the company and its shareholders.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.