ELMHURST, Ill.--(BUSINESS WIRE)--Revolution Enterprises (“Revolution” or “Company”), a multi-state operator in the cannabis industry, today announced the Company has completed an acquisition of Reilly’s Hemp, Inc. (“HEMPVET”), a hemp-derived cannabinoid pet product company.
HempVet is an established, national brand in the pet product market with over 35 years of science-based pet product development expertise, and a strong online and national retail distribution footprint. HempVet’s suite of products stands apart from its competitors by focusing on quality – its entire product portfolio has been awarded the rigorous National Animal Supplement Council (NASC) seal.
“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,” said Revolution’s Chief Strategy Officer and Deputy CEO Oleg Movchan.
As part of the transaction, Oleg Movchan (CSO) will join HempVet’s Board of Directors, along with Revolution’s senior team members, Mark de Souza (CEO) and Tripp Murray (CFO). In addition, Will Billings, who brings more than two decades of experience in key leadership roles in such consumer packaged goods companies as Keurig Green Mountain, Unilever, and Seventh Generation, will join the team as HempVet’s new CEO.
“Revolution’s involvement as a strategic capital partner puts HempVet on an accelerated path to capturing significant market share of the pet wellness market, fueled by increased adoption of cannabinoid-based products. 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,” remarked HempVet CEO Will Billings.
Hemp-derived CBD products are increasingly used for pets to address a variety of conditions, such as anxiety, digestive disorders, inflammation and the effects of aging. According to American Pet Products Association (APPA), the overall US pet care market was $72.56B in 2018 and is projected to reach $75.38B in 2019. On a global basis, the pet care market is estimated to be over $200B by 2025, according to Grand View Research.
“The demographic and economic macro trends behind the pet care industry are supercharging the rapid adoption of hemp-derived cannabinoid-based products by pet parents. It’s a natural fit for our large-scale operating expertise to be combined with HempVet’s research-driven IP portfolio in order to create a broad range of efficacious and value-added health and wellness products for pets, which pet owners have come to love and trust,” added Revolution CEO Mark de Souza.
About Revolution Enterprises
Revolution Enterprises is changing the way people worldwide think about and access high quality hemp-derived CBD; our brands strategically capture distinct segments of the rapidly evolving cannabinoid-based health and wellness marketplace.
For more visit: http://www.revolutionenterprises.org