Columbus, Ohio, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Better For You Wellness, Inc. (OTC: BFYW), formerly known as Fast Track Solutions, Inc. (OTC: FTRK) ("Better For You Wellness" or the "Company"), an Ohio-based blank check company focused on the rapidly-growing $1.5T wellness industry, is pleased to announce that, further to the Company's October 25, 2021 press release, and its October 27, 2021 press release, it has also entered into a non-binding letter of intent ("LOI") to acquire Cannuka, LLC ("Cannuka") located in Columbus, Ohio.
Founded in 2017, Cannuka is one of the first legitimately new ideas in the beauty and health category in decades. Cannuka’s brand is both modern and timeless, combining some of the purest, most efficacious ingredients on earth in a way that reflects the changing needs and interests of consumers.
Cannuka products are currently available direct-to-consumer via www.Cannuka.com and online and in retail through Ulta, Macy's, Neiman Marcus, Express, QVC, HSN, Revolve, and more. Cannuka has been featured in Forbes, The New York Times, British GQ, PopSugar, Vanity Fair, Marie Clare, New Beauty, and more.
"The BFYW deal puts Cannuka into great hands with Better For You Wellness, who has the talent, financial strength, and vision needed to move this popular global brand well beyond the 1,500+ doors it is in today, and I believe gives us the opportunity for strong year-over-year growth," said Jimmy Gould, Chairman of the Board of Managers of Cannuka. "I am excited to see the advances the BFYW team will make with Cannuka. It's got a solid brick-and-mortar presence and growing DTC opportunities. With enhanced infrastructure behind it, I believe the brand could be a category killer."
The contemplated acquisition of Cannuka is a related-party transaction, and is being treated as such. All persons with a disqualifying conflict of interest or bias have recused themselves from the transaction, and as such, all negotiations between Better For You Wellness and Cannuka have been and are taking place between disinterested parties. Closing the transaction contemplated in the LOI will be subject to completion of due diligence and multiple closing conditions including but not limited to satisfactory receipt of a third party fairness opinion. Pending a definitive agreement, additional terms of the LOI will remain confidential.
"As Better For You Wellness builds a leading global wellness conglomerate, the Cannuka acquisition will further vertically and horizontally integrate with the other synergistic enterprises within our skincare vertical," said Ian James, Better For You Wellness CEO. “The global skincare market is projected to grow from $100.13B in 2021 to $145.82B by 2028. The Company’s pending acquisitions of Ironwood Clay Co. and three natural skincare brands, Cannuka, Mary Louise Cosmetics, and NENA, combine to create a true leader in the natural skincare space.”
Better For You Wellness is actively exploring and evaluating numerous additional business opportunities, including, but not limited to, mergers, acquisitions, or business combination transactions.
About Better For You Wellness, Inc.
Better For You Wellness, Inc. (OTC: BFYW) is a Columbus, Ohio-based blank-check Company that is exploring and evaluating various business opportunities in the food, beverage, and consumer packaged goods ("CPG") categories including, but not limited to, mergers, acquisitions, or business combination transactions, after which the Company would cease to be a "shell" or "blank check" company. Learn more at https://bfyw.com/.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed with SEC (https://www.sec.gov/).
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