Youngevity International, Inc. (NASDAQ: YGYI), a leading omni-direct lifestyle company, announced today that it has entered into a binding agreement to purchase all the assets of Khrysos Global–a Tampa, Florida based manufacturer of hemp-based CBD extraction equipment. This acquisition is intended to establish YGYI’s newly formed wholly-owned subsidiary, Khrysos Industries, Inc, as a global player in the field-to-finish hemp-CBD oil, isolate, and distillate market, and also would give YGYI ownership of INX Labs and its testing facilities, allowing the company unprecedented capabilities in regards to formulation, quality control, and testing standards with its CBD products.
“I’m ecstatic about this purchase and what it signals for this moment in our company’s history,” , President and CFO of YGYI said about the acquisition. “The purchase of the assets of Khrysos Global should be the catalyst that launches YGYI into the hemp-CBD space. We expect it will serve as a cornerstone of our comprehensive strategy as it relates to the production, cultivation, and extraction of hemp, CBD oil, as well as other CBs (cannabinoids).”
The closing of the transactions contemplated by the purchase agreement is scheduled for and is subject to the satisfaction of various closing conditions. In accordance with the acquisition, Khrysos will provide ongoing consulting and advisory services to YGYI as it pertains to the manufacturing of its proprietary technology, as well as the production of both CBD extracts and finished goods.