Freedom Leaf Inc. announced that it closed its acquisition of ECS Labs LLC, including its two wholly-owned operating subsidiaries, which collectively constitute the “Green Lotus” premium hemp oil products brand (collectively, “Green Lotus”) on May 31, 2019.
The transformative acquisition is expected to generate a substantial increase in revenue, while also providing Freedom Leaf with a more robust portfolio of products, enhanced distribution capabilities and penetration in attractive emerging markets worldwide, most notably Mexico. The Acquisition also brings Freedom Leaf a new management team, a low-cost supply chain, access to GMP manufacturing and lab facilities, and a robust sales team.
At closing, Carlos Frias, the founder and CEO of Green Lotus, was named the new Chief Executive Officer of Freedom Leaf and joined the Board of Directors. Daniel Nguyen, of Green Lotus, has been named Chief Scientific Officer of Freedom Leaf and has also joined the Board of Directors of Freedom Leaf.