1606 Corp (OTCPK:CBDW) an acquisition-based CBD company, has signed a definitive letter of understanding to purchase 51% of India-based nutraceutical company, Sanctum Herbal Corp. Both parties have agreed to a purchase price of $7.2 million in a combination of cash and stock. The expected closing of the deal is March 2023 pending an inspection of the factory and facilities in Hyderabad India. 1606 Corp. senior executive Austen Lambrecht is currently conducting an on-site factory survey, inspecting the inventory outlined in the deal, and meeting management and the medical advisory board.
"This is a great deal for us and for the shareholders. We're going to own 51% of Sanctum allowing us to add revenue which gets …