A New York-based wellness holding firm Onassis Holding Corp. has signed a binding agreement to acquire its MGC Nutraceuticals subsidiary, a maker of CBD and hemp bioceuticals such as supplements and derma products.
According to the agreement, Onassis Holding will release 6 million U.S dollars in shares from its common stock to MGC Pharma.
Onassis intends to collect the intellectual property of the brand manufacturer for future production of nutraceuticals. However, at the moment, the company signed an exclusive deal for the provision of the subsidiary’s CBD and raw materials. Onassis seeks to commercialize MGC Pharma products.
Roby Zomer, MGC Pharma CEO, and co-founder said they were excited to have the company grow further and excel under the Onassis team’s vast industry experience.
Zomer added that MGC Pharma would continue to benefit from nutraceuticals, but their main objective is being able to channel further the team’s focus and resources on producing and commercializing the company’s phytocannabinoid products in response to the rapidly growing global markets.
Onassis Holding is a diversified firm operating in various unrelated markets, including the wellness area, hemp and CBD, cosmetics, food supplements, and tech. The enterprise, with headquarters in New York City, also dabbles in research and development of new hemp strains. The company’s products and services are distributed to other businesses in Europe and the U.S.
The company’s acquisition of MGC Pharma will turn Onassis into a leading, diversified wellness holding firm. Onassis is run by experienced industry veterans with decades of expertise in capital markets and commercialization.
As part of its acquisition strategy, Onassis intends to acquire US-centered hemp businesses with direct access and product focus to the U.S. market.
Onassis Holding trades as ONSS on over the counter markets, while MGC Pharma is publicly traded as MXC on the Australian Stock Exchange.