CannaPharmaRx has signed a letter of intent to acquire LTB Management LLC (LTB), a financial e-commerce platform company utilized to support online sales for a variety of products. LTB has direct experience developing online website applications for medical cannabis deliveries for pharmacies, distributors, and producers. The deal is expected to close in February. Upon closing, revenue can begin to be immediately booked.
The company will aid in accelerating sales for CannaPharmaRx in Israel and Europe. LTB had revenues of approximately $3 Million in 2022. This number is expected to rise to over $5 million in 2023 as new products, including cannabis, are added to their platform. LTB's technology is used by several companies that benefit from innovation by providing efficiency in marketing and client onboarding. The platform will allow consumers and wholesalers to learn about and shop for various products as well as receive data-driven updates. This will allow CannaPharmaRx to grow and diversify revenue through engagement. LTB is finalizing the development of its own payment solution that will enable the acceptance of additional payment methods, including e-wallets and cryptocurrencies.
"This is an important step for our company and will be one of several revenue streams that begin for the company during the next few weeks. LTB's largest value will be in running the online stores, implementing digital marketing technology, and retaining existing customers and prospects. This acquisition will augment our anticipated cannabis sales, which we expect to produce and deliver at an annual run rate of nearly $30 million," commented Chief Executive Officer Dominic Colvin.
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