Los Angeles, CA — Cannabis Strategic Ventures, Inc., gains distribution for its vitamin and hemp-derived CBD formulations through the acquisition of Fitamins CBD, which serves a network of 600+ wholesalers catering to the Asian-American market. CSV announced the signing of a definitive agreement to acquire the brand.
“We have selected Fitamins because of its substantial distribution network and because of the import/export and marketing channels that Fitamins already possesses, giving it a distinct advantage once the brand comes online this next quarter,” commented Simon Yu, CEO of Cannabis Strategic, in a statement. “The Fitamins team includes two principals who have proven track records with developing and selling multi-million dollar brands in the Asian Nutraceuticals market along with significant resources including ownership of multiple ‘as seen on TV’ local and DirecTV channel segments.”
The agreement calls for Fitamins to initially produce a proprietary CBD product as part of Cannabis Strategic’s brand portfolio, initially targeting the U.S. distribution networks and eventually expanding into other Asian markets that have legalized CBD products, the company said.
Cannabidiol better known as CBD, is one of the many compounds specifically found in the Cannabis plant. It is believed that CBD provides therapeutic effects, such as pain and stress relief, and, unlike THC, does not give the user a “high” feeling. According to recent estimates from the Hemp Business Journal, the CBD market is projected to grow to a $2.1 billion market by 2020.