Haixin Group plans to purchase hemp diphenol skin care product business

Haixin Group announced that golden chariot International Limited, a wholly-owned subsidiary of the company, entered into a sale and purchase agreement with an individual as the buyer. Based on this, golden chariot intends to acquire all equity interests of the target company Greenleaf enterprises Pte.Ltd from the seller for a consideration of US $1.1 million. The latter is mainly engaged in the trade and distribution of health and beauty products based on cannabinoids. In accordance with the memorandum of understanding between the company and all blue capital dated July 17, 2019, the company will explore new investment opportunities for rigging synergies and attractiveness to achieve this goal. According to the memorandum of understanding, the target company was introduced into the company. The target company's products marketed under the brand name "Greenleaf" are currently distributed to the United States, Japan and South Korea, mainly in Asia Pacific countries. In view of the huge market potential of cannabis bisphenol based health and beauty products in the Asia Pacific region, which has not yet been developed, the directors believe that the acquisition is a good opportunity to enter the industry with high growth potential.