Merida Capital Senior Partner Named Freedom Leaf Board Chairman; New CFO Named and Announcement of Accuvape Acquisition
"The growth of hemp-derived CBD products is accelerating rapidly and Freedom Leaf, with its strong suite of brands, is an upcoming contender"
Las Vegas, Nevada--(Newsfile Corp. - November 28, 2018) - Freedom Leaf Inc (OTCQB: FRLF), (the 'Company'), parent company of leading CBD health and wellness brands Leafceuticals, Irie CBD and Hempology, announced today that Merida Capital Partners ("Merida") Senior Partner David Goldburg has been named Chairman of Freedom Leaf's Board of Directors. This announcement follows a recent Merida equity investment of $3,000,000 in the Company. Mr. Goldburg replaces Paul F. Pelosi Jr., who leaves the Board to devote more time to his other business endeavors.
Mr. Goldburg has specialized in credit investing for the past 25 years, having managed investment portfolios at leading Wall Street firms and hedge funds. Prior to joining Merida in 2017, Mr. Goldburg established the New York office of Silver Rock Financial, the Milken family office. Mr. Goldburg also served as a Managing Director at Goldman Sachs, overseeing a billion dollar proprietary investment portfolio.
"The growth of hemp-derived CBD products is accelerating rapidly and Freedom Leaf, with its strong suite of brands, including the recently announced Hemp2o acquisition, is well positioned for this tremendous opportunity in consumer markets," said Mr. Goldburg. "I look forward to helping Freedom Leaf become a leading hemp-derived CBD product supplier while Merida continues to identify strategic acquisitions that will fuel the Company's growth trajectory."
Clifford J Perry, CEO, noted: "Freedom Leaf thanks Mr. Pelosi Jr for his leadership on areas of corporate governance. We are excited about the expanding role Mr. Goldburg and Merida will play as we accelerate our growth and continue to expand our global vertically-integrated hemp platform with a focus on health and wellness products for the consumer."
The Company also announced the promotion of Laurence Ruhe, currently the Company's Controller, to Chief Financial Officer. Ruhe replaces Richard Groberg, who will remain on the Company's Board and also serve on the Board's newly-formed Finance Committee.
Mr. Ruhe joined Freedom Leaf in July with over 30 years of finance experience, most recently as SVP of Global Finance at BMM International, a leading provider of testing services to the gaming industry with offices in ten countries. Mr. Ruhe held senior finance positions at Progressive Gaming and Konami Gaming focusing on internal controls and SOX implementation. Mr. Ruhe also worked in international banking, including positions at Wells Fargo, Deutsche Bank, and Banca CRT.
The Company also announced today its acquisition of the assets of Accuvape, Inc. (www.accuvape.net), which manufactures and sells personal vaporizer devices and accessories under the health and wellness category. The company was founded in 2013 as a vaporizer and small electronics company to fill the growing needs of the emerging vape market. Accuvape distributes its four vape models in all 50 states, Canada, the UK and EU and has Midwest and West Coast distribution centers with hundreds of retailers that carry its products. Accuvape has received numerous product awards and its proprietary V. Stick AV is the only adjustable voltage battery with no buttons.
Hilary Dulany, Accuvape's founder who will continue to manage the company, commented: "Accuvape has set the standard for personal vaporizers offering new, easy vaporizing options that won't break the bank or disappoint. We are known as the go-to brand for no hassle enjoyment by both new market entrants and experts alike. As part of the Freedom Leaf family, we will be able to roll out product more quickly and expand our national footprint."
About Freedom Leaf
Freedom Leaf Inc. (OTCQB: FRLF), is a global, vertically-integrated clean health company producing and selling a diverse range of premium full spectrum hemp-derived CBD products used by healthcare professionals and consumers. The company currently offers professional grade solutions, over-the-counter consumer health and wellness products and a pet line under the Leafceutical, IrieCBD, and Hempology brands. Once the previously announced Hemp2o acquisition is closed, the Company will offer hemp-infused beverages at leading retail locations throughout the country.
Freedom Leaf, Inc. does not handle, grow, sell, or dispense marijuana or related products.
All of our European activities are in full compliance with relevant EU laws.
Investor relations information can be found on the FreedomLeafInc.com company website.
About Merida Capital Partners
Merida Capital Partners is a private equity firm targeting fundamental growth drivers which accelerate the rapid development of the cannabis industry. Our motto, Responsible Investing in the Emerging Cannabis Industry, highlights our focus on cultivation technologies, products and services associated with the evolution of cannabis as an agricultural product, a natural plant-based medicine, a constituent in pharmaceutical formulations and a recreational consumer product. For more information, please visit www.meridacap.com or follow us on twitter @meridacap.
Safe Harbor Statement
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by phrases such as Freedom Leaf, Inc. or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, changes in relationships with third parties, and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K dated June 30, 2016 and quarterly report on Form 10-Q dated September 30, 2018.
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Freedom Leaf, Inc.