Yooma Wellness (YOOM ) said the acquisition of Tokyo-based Vertex Co., which the Group has completed today for $12m, will provide it with a solid foothold in the Japanese market.
Vertex sells a range of proprietary wellness products in the Japanese market through various home shopping networks; including QVC, Fuji TV, Nihon TV, as well as popular online marketplaces such as Rakuten, Yahoo! Shopping, Amazon, and Vertex’s own Shop-V.
Yooma’s acquisition of Vertex will add new product lines to the Company’s wellness offerings and increase the size of its customer base and distribution network, it outlined to investors.
In addition, the acquisition is also expected to provide a strong foothold for Yooma in the Japanese marketplace which will enable it to further expand into Japan and the rest of Asia.
Chairman of the Group, Lorne Abony, said he believes that Vertex’s business and product offerings will expand the scope of Yooma’s platform “in size, diversity and geographic reach.”
Abony said the acquisition of Vertex - the third for Yooma - marks the successful completion of the first phase of the strategic plan that Yooma outlined to investors earlier this year.
He commented, “We continue to identify and evaluate other potential strategic acquisitions that will be accretive to our platform, while focusing on integrating the exciting new brands, businesses and product lines we have acquired in the last two months.”
Last week, Yooma completed its second acquisition after its wholly-owned subsidiary, Yooma Acquisition II Inc merged with Big Swig Inc., a US-based seller of sparkling water beverages.
As a result of this transaction, Big Swig is now a wholly-owned subsidiary of the company.
Yooma began trading on the Aquis Stock Exchange Growth Market in early August 2021. It is the first North American cannabis company to hold a dual-listing on both AQSE and the CSE.
At the time of its admission, the Company’s placing marked the fourth largest raise on Aquis this year and the largest ever capital raise for a cannabis company on the Aquis exchange.
Yooma’s US$10.2m fundraise attracted strong support from the UK’s leading institutional cannabis investor, including the AIM-quoted investment firm Seed Innovations Ltd., alongside other UK institutional investors, professional family offices and high-net-worth individuals.
The Company outlined at the time that its additional listing on the AQSE provides it with “a solid foundation on which to execute our growth strategy in the UK, Europe and beyond.”
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