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CBMJ Closes DeDonato Deal, Changes Name To Reflect 'New Nature Of Business'

October 7, 2020 10:43 am
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Broadcasting company Canna Consumer Goods Inc. (OTC:CBMJ) finalized the previously announced acquisition of DeDonato Enterprises LLC.

CBMJ agreed to purchase the Atlanta-based digital marketing agency for $2 million. The price tag includes $200,000 in cash, plus a $1.8 million and potential restricted stock with a two-year holding period.

The Palm Beach, Florida-based buyer said Wednesday that the deal is without delay and accretive on revenue per share, EBITDA per share, and earnings per share basis.

The company also noted that DeDonato’s yearly revenue amounts to approximately $2 million.

In addition, CBMJ would change the business’ name to “Conservative Broadcast Media & Journalism.” The ticker symbol of CBMJ would not change, the company confirmed.

CBMJ CEO Mark Schaftlein is “exceptionally pleased” to close the acquisition.

“DeDonato immediately increases our revenue and earning power, with the potential for significant growth over the coming years,” Schaftlein said.

DeDonato CEO Brandon Vallorani shared Schaftlein’s enthusiasm regarding the new partnership. The goal is to “build a pre-eminent platform for conservative broadcast, media, and journalism and related products,” he said.

Other accretive acquisitions are expected to come about in the years ahead, the company said.

“With Mark and the CBMJ team’s financial and public market expertise, we believe that we have a winning combination, Vallorani said.

Courtesy image

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