HAVN Life Sciences Inc (OTCMKTS:HAVLF) entered into a definitive agreement to acquire all of GCO Packaging and Manufacturing Ltd’s outstanding share capital. In exchange, GCO will get 6,000,000 common shares of Havn Life. The biotechnology company specializes in the research and development of natural healthcare products and the extraction of psychoactive compounds.
GCO Packaging and Manufacturing Ltd operate large manufacturing, packaging, and distribution facility in British Columbia.
The money raised from the offering will be used to fund formulation and manufacturing processes in-house to ensure the highest standards of efficacy and quality. The deal will also allow Havn Life to speed up and increase products and formulations at a single location.
In a statement, Havn Life Chief Executive Officer Tim Moore said, “The Facility is expected to provide a full suite of in-house manufacturing capabilities, thereby expanding the Company’s potential to capture margins and revenues through vertical integration and expansion of our portfolio into additional product categories.”
HAVN Life is scheduled to launch its retail product line in the spring. This new product line will include seven natural health products to treat overall brain function, focus, memory, fatigue, immune health. The launch of these new products is a major step forward in the company’s mission to offer standardized and naturally-derived products to support human optimization.
Gary Leong, the Company’s Chief Science Officer, said it is a significant milestone to introduce the first seven products in the coming spring and expect to acquire funding to boost the development of innovative new formulations.
Changes in management
In other news, HAVN Life recently announced that Ms. Barinder Rasode, who served as President and Director of the company, had left the company. Also, HAVN Life announced the appointment of Mr. Tim Moore as its Director.
In her departure note, Ms. Rasode reflected on how they created Havn Life to harness the medicine found in nature and benefit human health. She added that the company has made significant steps within a short period.