California-based Bloomios, a white-label and private-label hemp product manufacturer, acquired gummy maker Infusionz for $23.5 million.
Infusionz is a wholly owned subsidiary of Florida-headquartered Upexi.
The only financial details disclosed were that Upexi financed an undisclosed portion of the deal.
The transaction includes Infusionz’s portfolio of CBD gummies, its product formulations, customers, equipment, sales team and manufacturing operations, according to a news release.
Bloomios will also manufacture products for Upexi.
“This acquisition is highly accretive and we believe that it will position Bloomios to uplist to Nasdaq,” Barrett Evans, Bloomios’ president and chief strategy officer, said in a statement.
“Further, it will allow the Company to acquire additional complementary manufacturing operations and brands.”
Shares of Bloomios currently trade as BLMS on the over-the-counter markets