Lucy Scientific Discovery Inc. (NASDAQ: LSDI), the leader in the
psychotropic industry, which recently celebrated the acquisition of
High Times' Intellectual Property, the most iconic
brand in the cannabis industry, is thrilled to announce an
agreement to acquire BlueSky Wellness Inc. and its portfolio of
brands. This transaction expands Lucy’s footprint into the growing
global wellness category by adding psychotropic products to its
capabilities.
BlueSky Wellness is a portfolio of plant-based wellness brands
including Keoni, Keoni Sport, Blush Wellness and AMMA Healing. Its
e-commerce brands have generated over $20 million in each of its
last two years and are well positioned with a collection of
products ranging from full-spectrum oils to edible goods that
complement High Times’ products and platforms.
Richard Nanula, CEO of Lucy Scientific Discovery Inc., expressed
his enthusiasm for the acquisition, stating, "The addition of the
BlueSky portfolio and its team allows us to capitalize on revenue
opportunities. Coupled with our High Times acquisition, this
strategically positions us for substantial near and long-term
growth. This acquisition is a testament to our commitment to expand
and grow our business, adding revenue that diversifies our company
and should deliver significant value to our Lucy Scientific
shareholders."
Upon finalization of this acquisition, the BlueSky team will
market Lucy’s MINDFUL brand, as well as a diverse range of
psychotropic products for all 3 companies’ brands utilizing its
e-commerce platform. Additionally, the IP and brand assets recently
acquired from High Times will allow Lucy to reduce customer
acquisition costs by cross-marketing brands and products, enhancing
user experiences and monetizing the IP including launching into new
legal markets. This collaboration marries the expansive reach of
Hightimes.com with BlueSky's expertise in product design,
formulation and proficiency in online marketing.
Under the terms of the agreement, BlueSky's shareholders will
receive 3.5 million shares of Lucy Scientific's stock, as well as
annual earn out payments based on a multiple of annual EBITDA in
each of the next five years. Upon closing of the High Times and
Blue Sky Wellness transactions, Lucy Scientific expects to have
approximately 25 million shares issued and outstanding; and
projects the two transactions on a consolidated basis to add a
minimum of $30 million of revenue and $10 million of EBITDA for the
first twelve month period after closing. Lucy expects to complete
the acquisition within 90 days, and will work closely with the
BlueSky team during the transition.
Founder and CEO Fraser Macdougall of BlueSky commented, "This
exciting partnership marks a significant step forward in our
company’s journey and we are thrilled to work together with both
the High Times and Lucy teams to unlock the value of the brands.
Through the launch of products in Canada and other countries, as
well as other direct to consumer opportunities that exist for us to
explore in the US market, the possibilities for growth are
abundant.”
BlueSky is led by a team of seasoned CPG executives with
experience at Fortune 500 companies, including PepsiCo, SC Johnson,
General Mills and Robert Half. They have built and exited a number
of successful cannabis, hemp and psychedelic companies over the
last decade. BlueSky brings a unique suite of marketing
capabilities, brand-building prowess and a highly-skilled team
with extensive relationships within the Canadian cannabis and the
broader CPG industry.
Media Contact:
KCSA Strategic CommunicationsLewis
Goldberglgoldberg@kcsa.com
Jon Goldbergjgoldberg@kcsa.com
About Lucy Scientific Discovery Inc.
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a Nasdaq-listed
company with holdings and operations in a variety of psychotropic
businesses. The company holds a Controlled Drugs and Substances
Dealer's License granted by Health Canada's Office of Controlled
Substances. Lucy Scientific Discovery Inc. and its wholly-owned
subsidiary, LSDI Manufacturing Inc., operate under Part J of the
Food and Drug Regulations promulgated under the Food and Drugs Act
(Canada). This specialized license authorizes LSDI to develop,
sell, deliver, and manufacture pharmaceutical-grade active
pharmaceutical ingredients (APIs) used in controlled substances and
their raw material precursors. With a focus on pioneering
innovative therapies for patients in need, Lucy Scientific
Discovery Inc. is dedicated to advancing the understanding and
applications of psychotropic medicines, improving mental health
outcomes, and enhancing well-being for individuals worldwide.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements.
Forward-looking statements give our current expectations or
forecasts of future events. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Forward-looking statements involve risks and uncertainties
and include statements regarding, among other things, our projected
revenue growth and profitability, our growth strategies and
opportunity, anticipated trends in our market and our anticipated
needs for working capital. They are generally identifiable by use
of the words "may," "will," "should," "anticipate," "estimate,"
"plans," "potential," "projects," "continuing," "ongoing,"
"expects," "management believes," "we believe," "we intend" or the
negative of these words or other variations on these words or
comparable terminology. In particular, these include statements
relating to future actions, prospective products, market
acceptance, future performance, results of current and anticipated
products, sales efforts, expenses, and the outcome. Most of these
factors are outside Lucy’s control and are difficult to predict.
Factors that may cause actual future events to differ materially
from the expected results, include, but are not limited to: (i) the
occurrence of any event, change or other circumstance that could
give rise to the legality of this consumer product, (ii)
inability to recognize the anticipated benefits of the opportunity,
which may be affected by, among other things, competition and the
ability of the company to grow and manage growth profitability,
(iii) costs related to the production, (iv) the ability to
implement business plans, forecasts, and other expectations of the
opportunity, as well as identify and realize additional
opportunities, (v) the outcome of any legal proceedings that may be
instituted against Lucy following the announcement of the new
product line, and (vi) other risks and uncertainties indicated in
the filings that are made from time to time with the SEC by Lucy
(including those under the “Risk Factors” sections therein).
These statements are based on our management's expectations,
beliefs and assumptions concerning future events affecting us,
which in turn are based on currently available information. These
assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking
statements are reasonable, our expectations may prove to be
incorrect.
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