FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “TAAT LIFESTYLE & WELLNESS LTD. Signs Letter of Intent to Acquire Leading U.S. Hemp Cigarette Brand Sold In Over 1,600 Retail Locations.”
TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) is pleased to announce that it has entered into a letter of intent dated July 10, 2020 to acquire Redwood Reserves Ltd. (“Redwood”), one of the largest and best-established U.S. hemp cigarette brands, for an acquisition price consisting of $1,155,000 and 2,390,000 common shares in the capital of TAAT. This strategic acquisition is intended to provide more cost-effective manufacturing capacity to TAAT, in addition to gaining an established direct distribution network through which Beyond Tobacco™ cigarettes are planned to be supplied to Redwood’s extensive network of retailers. As Redwood’s product line is currently being sold in more than 1,600 U.S. smoke shops and convenience stores, carried by several distributors, and sold through Redwood’s online store, the Company will realize cash flow from Redwood’s continued business activities following the proposed acquisition. Additionally, the Company believes that Redwood’s product offerings can complement TAAT’s Beyond Tobacco™ product upon the planned Q4 2020 product launch.
TAAT LIFESTYLE & WELLNESS LTD. also announced that it has commenced the second phase of testing for its Beyond Tobacco™ hemp cigarettes, in which an intensive series of focus groups will be carried out by Nevada’s largest consumer product testing research firm Las Vegas Field and Focus, LLC (“LVFF”) to obtain feedback from test subjects who will compare Beyond Tobacco™ cigarettes to legacy tobacco products. This phase of research follows the Company’s first research phase which began in early May 2020, in which more than 50 retail stores in Nevada and California carried “test” versions of Beyond Tobacco™ and solicited anecdotal reviews from customers regarding the product’s similarity to traditional tobacco cigarettes. As announced in the Company’s June 29, 2020 press release, the general consensus of test subjects in this first phase indicated that Beyond Tobacco™ had no significant experiential differences in comparison to tobacco cigarettes. Moreover, more than 75% of all retail stores placed reorders of Beyond Tobacco™ after their initial supply of the product sold out. TAAT LTD anticipates that insights derived from the focus groups to be conducted by LVFF will be of great utility to the Company as it prepares for the planned Q4 2020 launch of Beyond Tobacco™ to the general public.
Taat Herb Co., the flagship brand of TAAT Lifestyles & Wellness Ltd. is an early-stage life sciences company based in Las Vegas, Nevada innovating nicotine-free and tobacco-free alternatives to traditional cigarettes. With a unique proprietary blend of all-natural ingredients and meticulous engineering of the user experience, Taat hemp cigarettes are designed to emulate every aspect of legacy tobacco products with no significant difference to the user. Enhanced with CBD, a non-psychoactive derivative of hemp, Taat hemp cigarettes provide benefits that include mitigation of tobacco withdrawals, and reduction of tobacco dependency. With an expert-led go-to-market strategy, the Company’s objective is to position itself in the US $814 billion (2018)1 global tobacco industry to capitalize on the growing worldwide demand for better-for-you alternatives to traditional cigarettes.
For more information, please visit: TAAT Lifestyle & Wellness Ltd.
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