NEWPORT BEACH, CA--(Marketwired - August 30, 2016) - Vemanti Group, Inc. (OTC PINK: VMNT), today announced that it has completed the acquisition of MedicatedOne, LLC ("MedicatedOne"), a California-based medical cannabis company. The acquisition complements Vemanti's portfolio and enables the company to enter one of the fastest growing industries in the U.S.
"MedicatedOne is now part of Vemanti, and together we will make our portfolio not only better but able to become a significant participant in the rapidly growing U.S. legal cannabis market," said Tan Tran, Chairman and CEO of Vemanti. "We will apply MedicatedOne's knowledge and experience to grow today's business, and be affiliated with the launch of a new series of cannabis-based products that bring amazing experiences for the consumers."
Led by industry veteran, Dennis Gumm, MedicatedOne will operate independently as a new wholly-owned subsidiary. Vemanti is committed to a smooth transition for MedicatedOne suppliers and customers and will continue the support of future product development of Medicated One's many products. In addition to strengthening the existing business, MedicatedOne will work closely with Vemanti's management to meet business objectives.
"As part of Vemanti, we will work on creating category-defining products that deliver a wider range of experiences than customers experience today," said Dennis Gumm, Founder and President of MedicatedOne. "Combining MedicatedOne's proprietary techniques and unique products with Vemanti's leadership will enable us to get to the next level of becoming a significant participant in one of the fastest growing markets."
Vemanti expects the acquisition to be dilutive in the first full year after close primarily due to acquisition-related costs.
About the Vemanti Group
Vemanti Group, Inc. (OTC PINK: VMNT) is a diversified holding corporation that's looking to be active in high-growth and technology-driven markets. They plan to grow through acquisitions by looking for value-added and fundamentally-sound businesses to add to their portfolio that already have start-able products and partner with them, starting a joint-venture with an equity stake or making them a wholly owned subsidiary. One of the goals of the company is to become a gateway for investors to pursue opportunities in the emerging market of Vietnam. For details on Vemanti Group, Inc. and its portfolio, visit www.vemanti.com.
About MedicatedOne, LLC
MedicatedOne, LLC ("MedicateOne"), a Vemanti wholly-owned subsidiary, is a cannabis product incubator that develops, formulates, and markets natural cannabis products derived from industrial hemp. Its mission is to brand and market the highest quality, legal cannabis products. It's currently engaged in the research, development, and licensing of natural cannabis products. For details on MedicatedOne, LLC, visit www.medicatedone.com.
The statements contained in this press release contain certain forward looking statements, including statements regarding the company's expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to the company's management as of the date hereof, and actual results may vary based upon future events, both within and without the control of the company's management.