Revolution Enterprises, a national cannabis industry, has announced the completion of Reilly's Hemp Inc. (HempVet), the CBD-based pet product brand. The acquisition will allow the company to increase its footprint in the hemp-derived CBD Pet wellness industry.
In the acquisition agreement, Revolution Enterprises will get the chance of streamlined access to an advanced, production, and distribution network of science-based pet products. It also grows the company's brand suite that will now serve the rising pet wellness marketplace.
The contract will also feature transitions as part of the acquisition transaction. In the deal, Revolution's CSO, Oleg Movchan and senior team members will now join HempVet's Board of Directors. CEO, Mark de Souza and Tripp Murray (CFO) are the two members from Revolution who will play the new leadership roles.
In response to the transaction, Revolution's Deputy CEO and CSO, Oleg Movchan, had this to say;
“HempVet is a key player in the rapidly expanding pet wellness segment. This accretive acquisition represents a highly complementary position to our brand and product portfolio while strategically leveraging Revolution's IP and operating capabilities. Together, HempVet and Revolution will capture one of the fastest growing addressable markets for hemp-derived products.”
To prepare for the imminent merger, Revolution has appointed Will Billings to the new leadership at HempVet. Mr. Billings will serve as the Chief Executive Officer leading the new venture into the retail Cannabis markets nationally. He brings a wealth of experience and knowledge having already worked in leadership roles in Keurig Greem Mountain, Seventh Generation, and Unilever.
“Revolution's involvement as a strategic capital partner puts HempVet on an accelerated path to capturing a significant market share of the pet wellness market, fueled by the increased adoption of cannabinoid-based products,” said CEO Will Billing. “I am excited about this opportunity to work together with Revolution and capture significant synergies across our brands, talent, and cross-functional expertise. The possibilities for continuing to expand our line of proprietary products and formulations are truly unlimited.”