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The last few months have been very busy for CNRP Mining (CND.CN) (CRPGF) and today all this hard work has paid off after the company announced the signing of a definitive agreement to acquire X-Sprays.
This acquisition was initially reported in late July and since then, the company has executed on its initiatives and significantly strengthen its balance sheet by closing a $3 million non-brokered private placement.
Focused on the Fastest Growing Industry in the World
The legal cannabis industry is the fastest growing industry in the world and it is not even in the first inning of a multi-decade growth cycle.
X-Sprays is not your typical cannabis company. The company delivers life-enhancement products through oral sprays. This delivery method is superior to pills given to the speed at which it works.
X-Sprays is initially focused on the entering the California cannabis market and we are favorable on this opportunity. California will legalize recreational marijuana in January and this will be the largest marijuana market in the world.
To date, X-Sprays has developed a novel line of eight health care and life enhancement nutraceutical products focused on pain relief, awareness, sleep, libido, energy and recovery.
Levered to Important Cannabis Industry Trends
The trend toward smokeless products is not the most significant tailwind for the company. One of the most important trends for X-Sprays is a trend away from pills, especially for people who suffer from digestive system diseases
For people who suffer from any type of digestive disease, spray-form medicine is ideal. The delivery mechanism and spray form benefit the patient by the speed it enters the blood stream.
X-Sprays’ product line has something for almost everyone. From sex to sleep, the company offers products that have a massive total addressable market.
A Story to Watch
We are excited by the opportunity X-Sprays has and will keep an eye on how the company continues to execute.
Going forward, X-Sprays will be focused on increasing market share in the California dispensary market. Creating brand awareness is not easy, however, the company is led by a management team that has a proven track record of success!
X-Sprays is focused on a significant market opportunity and we are favorable on today’s announcement. We will keep an eye on how the market responds to this development and will keep X-Sprays high up on our radar.