LONDON, UK: Voyager Life Plc has acquired Amphora Health Ltd, owner of the Amphora and Infused Amphora brands which comprise a range of CBD oils, vapour products and accessories.
The consideration payable for Amphora will be satisfied through the issue of 416,666 new ordinary shares of £0.01 each in Voyager at a price of 12 pence per share (approximately £50,000) in aggregate to Amphora’s shareholders.
In addition, a further 416,666 new ordinary shares at a price of 12 pence per share may be issued in the event, inter alia, that sales of Amphora or Infused Amphora branded products exceed £100,000 over the 24 month period from completion.
Completion of the acquisition is expected to take place by 29 February 2024 at the time of the transfer of shares in Amphora to Voyager. A further announcement will be made in due course.
Infused Amphora is a British CBD wellness brand founded in 2020 by Canadian industry experts to support people in reaching their wellness goals through the power of the hemp plant. The entire collection of its premium products are all natural, THC free and designed to help with a variety of everyday conditions. The company has 23 ingestible CBD products validated on the FSA’s novel foods list.
Importantly, given forthcoming changes in UK legislation, Amphora vapour products are not disposable but are currently sold in cartridges for use with a rechargeable battery and management understands that the formula can also be sold as an e-liquid for customers to refill their preferred vapour products themselves.
Amphora achieved sales in the year to 31 July 2022 (its last accounts date) of approximately £69,000 and has current inventories in excess of £50,000 (at cost). Amphora owns several online domains, including its retail website www.infusedamphora.com, as well as registered trademarks for “Infused Amphora” in the UK, European Union, Republic of Korea and China.
Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: “We are delighted to be adding into the Voyager group the well respected Amphora brands. A 4.7 (excellent) rating on Trustpilot is testament to the quality of the products. This acquisition achieves two objectives for us. Importantly, it provides us with 23 products validated on the FSA’s novel foods list, thereby further opening up the UK market for our ingestible CBD products. Just as significantly, it brings us into the potentially lucrative vape market with four established formulations.
“In both cases, we will aim to bring manufacturing of Amphora products into our VoyagerCann manufacturing facility, thereby lowering the cost of production and enhancing margins.
“It is also important to note, as has been the case with many of our operations, this acquisition has been achieved at very low cost. Several of our competitors have spent considerable sums on novel foods compliance and product development. The opportunity to combine Amphora’s business with ours at a modest price is expected to be beneficial for all shareholders.”
Voyager Life has acquired a CBD extraction & manufacturing facility in Poland