LiveWell Canada to acquire natural health product developer Acenzia
OTTAWA - LiveWell Canada Inc. is acquiring Acenzia Inc., a Windsor-Ont., based developer and manufacturer of natural health products for $20 million.
LiveWell, a Canadian hemp and cannabis company, is focused on advanced research in CBD and other cannabinoids, as well as developing and distributing prescription and consumer health products supported by data, discovery, science and technology.
Acenzia’s ability to develop personalized diagnostics and therapeutics specific to particular medical conditions will futher LiveWell’s product development at a lower cost, the company said in a release.
"Such next-generation therapeutics can be paired with easy-to-access diagnostics that enable evaluation of the product efficacy at an individual level,” David Rendimonti, president of LiveWell Canada, said in the release. “These innovative products fall into a category of their own."
LiveWell said it has conducted major research on CBD, a white paper on CBD from industrial hemp, and is investing in technologies for the extraction and isolation of CBD and other cannabinoids for use in prescription and consumer health products. The company has also secured inventory of hemp biomass for its own products and to sell as isolate for delivery in 2019.
"We are an innovative company with a big dream. To put the pieces together – manufacturing and research to commercialize – is difficult,” Dr. Indrajit Sinha, co-founder and co-president of Acenzia, said in the release. “To go the next level you need a strategic partner who understands customers' needs, with knowledge of the market. LiveWell brings us that."
The acquisition is expected to be finalized by Nov. 30, 2018.
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