Novation Holdings, a multi-strategy holding company focused on identifying, developing, acquiring and bringing to market technologies and solutions, has executed a Letter of Intent to acquire Legends of Hemp and TerraVida.
Novation intends to acquire all of the outstanding ownership interests of both Legends of Hemp and TerraVida in exchange for shares of Novation’s common stock. Further, Novation will assist in the growth, strategy, financing and development of each of the respective brands. It is also anticipated that Novation will appoint and elect some of Legends of Hemp and TerraVida’s key management and personnel to serve as both officers and on Novation’s board of directors.
Legends of Hemp was founded by cannabis industry veterans and brings together their experiences in the cannabis and entertainment industries to create a platform for various artists and entertainers to launch and sell their own hemp-derived and customized cannabinoid products.
To date, Legends of Hemp has launched brands co-founded by hip hop icons and artists, such as O.T. Genasis, Yung LB, Lady Luck and more.
“I am extremely impressed with what the management team and founders of Legends of Hemp have been able to accomplish in such a short period of time, having launched a number of successful CBD brands for various up and coming artists and influencers. It is very clear that they have the right platform, manufacturing capabilities and marketing formula to both grow their existing brands and scale additional CBD brands in the future,” said Michael Gelmon, president and CEO of Novation Holdings. “I am very excited to work with these talented entrepreneurs as Novation seeks to support their strategic goals, marketing initiatives, and future brand growth and development.”
“Legends of Hemp could not be any more excited to combine resources and mastermind a strategy to keep an exciting and competitive edge in this industry that our team truly loves,” commented Ryan Puddy, CEO of Legends of Hemp. “We have done extensive exploration and due diligence in making sure we have partnered with a group who has true and proven professionalism in the areas that synergistically complements our proven concepts and the foundation we have built. After extensive visits and conversations, we are honored to show Novation Holdings and its shareholders what Legends of Hemp is capable of.”
Located in the rolling hills of Colorado, TerraVida has made it its mission to make a global impact through education on the benefits of cannabinoids and other natural plant actives. TerraVida has a wide range of products, including topicals, skincare, oral sprays, softgels, gummies and tinctures.
“At TerraVida we have always challenged the status quo and believed in thinking differently,” commented Meaghan Hutto, CEO of TerraVida. “We are on a journey to find Earth’s natural remedies with holistic effects to incorporate into your daily wellness and skincare routines. Our commitment is rooted in our belief that wellness products do not have to be expensive to be effective and safe. Be good to yourself with TerraVida.”