Algae International Group Inc (OTCMKTS:ALGA) through its operating subsidiary firm American Seed & Oil Company disclosed plans to extend its beverage line. As of now, the company offers the DuBe Hemp Energy Shot through retail distribution. The consumers can also buy beverages online.
Algae International recently announced about its ongoing talks to acquire a reputed health beverage company. The management expects acquisition to be concluded within 30 to 45 days. The subsidiary firm is looking after the deal process, and was in talks with Texas based company since last one year. The recent acquisition will help the company to expand the Hippie Butter products sales with the launch of new hemp-infused beverages. The initial beverages will be hemp-infused to include CBD, as it is legal in all fifty U.S. states.
Steven Rash, the CEO said that the discussions advanced to include specific negotiations for the subsidiary firm to buy the health beverage company. American Seed & received an investment commitment favoring the proposed deal to include initial focus on launching hemp-infused beverages for weight loss, sexual health, and fitness. The hemp-infused products are believed to be beneficial in gaining weight loss and sexual health benefits.
Algae International’s subsidiary announced the availability of DuBe Hemp Energy Shot in last week of April. The products are now offered for sale online with a host of other healthy hemp foods and organic hemp based skin care products.
The company already launched the DuBe Hemp Energy Shot in retail stores under a retail distribution pilot program. It is adding latest product to the extensive range of Hippie Butter products sold online.
In last trading session, the stock price of Algae International declined more than 5% to close the trading session at $0.0123. The decline came at a share volume of 3.86 million compared to average share volume of 1.10 million.