Two bottled water companies are teaming up ahead of the launch of a suite of CBD-infused (cannabidiol) products.
On Monday (September 9), The Alkaline Water Company (NASDAQ:WTER,TSXV:WTER) announced it signed a merger agreement with AQUAhydrate, a California-based premium bottled water firm, in an all-stock transaction.
As a part of the merger, Alkaline plans on expanding product portfolios for both companies across the US using a variety of CBD-infused ingestibles to capitalize on the growing market.
Company CEO Richard Wright spoke with the Investing News Network (INN) about the upcoming lines and the company’s plans for national expansion.
“We got approached over two years ago by one of the largest retailers in the world and asked if we would be interested in developing a (CBD) line,” said Wright. “We think (CBD) fits a lifestyle brand, like Alkaline88 and AQUAhydrate.”
Wright didn’t go into detail