A worldwide cannabis company has segued into the hemp industry with its recent acquisition.

Premium cannabis company Diego Pellicer Worldwide has acquired Hemp Choice Distribution, a hemp and CBD company, for a $4.4 million cash and stock deal.

Diego Pellicer Worldwide CEO, Nello Gonfiantini III, said in a press release that he hopes the recent acquisition will help advance the company’s long-term business goals. “We’re expanding into a rapidly growing product category,” he said. “Hemp Choice is a premium provider of hemp and CBD. We welcome them as a wholly-owned subsidiary.”

Hemp Choice works with a wide range of individuals in the industry–from growers and processors to manufacturers and retailers—and the company provides hemp and CBD for a wide array of commercial and industrial products, according to the release.

“I look forward to working with Diego as we expand business opportunities in the cannabis space of hemp and CBD—one of the fastest-growing segments in this marketplace,” said Gabriela Vergara, Hemp Choice Distribution founder and CEO.

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