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Sire Bioscience Has Acquired Fusion

In October 2019, we reported that cannabis company Canopy Growth had acquired Canadian supplement company Biosteel which was the largest supplement company ever acquired by a cannabis company. But earlier that month, we reported that a letter of intent was in place for SIRE BIOSCIENCES to acquire FUSION. Well that deal is now complete as SIRE has bought FUSION in exchange for $145,682 worth of shares in their company. This will accelerate SIRE's speed to market in the nutraceutical space as they look to leverage FUSION's experience and distribution to enhance its House of Brands product portfolio. It will also position SIRE for cannabinoid infusion with the onset of Cannabis Health Product ("CHP") designation from Health Canada. SIRE will continue to look to expand into food, drug, and mass-market across North America with a best-in-class CBD-infused sports supplement line.

FUSION President, Ryan Herniman stated "We've been studying the applications of cannabinoids for human performance for years and have always felt CBD would be a perfect pairing with our products…with the advent of new regulations, this acquisition makes sense for both parties. Sire has a team of experts in place to execute at a high level and we are thrilled to be a part of the vision."

According to research group Statista, the global sports nutrition market was valued at $50.84 billion in 2018 and is expected to reach $81.5 billion by 2023. With FUSION's insight into the supplement industry, SIRE believes it will be uniquely positioned to launch more relevant and highly customized products at a faster pace.   

FUSION's social media engagement is very strong reaching over 1 million targeted people across all affiliate accounts and along with Amazon, is guiding their Direct-To-Consumer strategy. In traditional brick and mortar channels, FUSION's network consists of 800 points of distribution in Canadian speciality stores including Sport Chek, Popeye's Supplements, Supplement King, GNC Canada and Herc's Nutrition

Brian Polla, SIRE’s CEO comments: "This strategic acquisition not only positions us strongly for the onset of Cannabis Health Products, but also allows for distribution opportunities in additional channels including food, drug, mass, ecommerce, alternate and direct to consumer. We feel the acquisition of a trusted brand like FUSION will bring tremendous value to our shareholders."

Health Canada Cannabis Health Products (CHPs)

In Canada, cannabis products cannot be labelled or marketed in a way that speaks to the product's health benefits or how it can be used to treat health conditions. But Health Canada has proposed a new category called Cannabis Health Products (CHPs) which could allow CBD-infused products to be used for treating minor ailments among humans and pets. Producers of CHPs would be permitted to make certain health claims about its products, provided they were evidence-based. The products could be sold over the counter, without a prescription from a medical practitioner, in such retail channels as pharmacies, health-food stores, and pet stores. For Sire, the proposed CHP designation marks an opportunity to build awareness on the many benefits of CBD. With the FUSION acquisition, it also provides a chance to reach a greater market; those interested in the therapeutic, post-exercise benefits of CBD-infused products.

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