Good Hemp has concluded the acquisition of alkaline natural spring water producer Diamond Creek Group for an undisclosed sum.

Diamond Creek produces ionised 9.5pH high alkaline natural spring water, which is sourced from springs in Ohio, Pennsylvania and Tennessee in the US.

Diamond Creek founder Ken Morgan said: “I am very excited about the closing of the acquisition with Good Hemp Inc. I have spent over a decade building this business and connecting with customers looking for a quality hydration solution.

“Through this acquisition, Good Hemp is positioned to take Diamond Creek to the next level and I am thrilled to remain part of the team.”

With the completion of the deal, Diamond Creek will now be part of Good Hemp as its wholly-owned subsidiary.

The acquisition is said to be in line with Good Hemp’s plan to expand its consumer reach through the strategic brand acquisition.

Through this deal, Good Hemp aims to capitalise on the growth of the functional water market.

Good Hemp CEO Bill Alessi said: “We are thrilled to have Ken Morgan as a part of our growing team. Ken and Diamond Creek add a complimenting facet to our overall acquisition game plan and building shareholder value.

“We vetted several strategic acquisitions before closing on Diamond Creek and continue to look at other opportunities to expand sales, streamline operations and increase our earnings per share.

“We believe that with current Diamond Creek sales alone, we can increase our FY 2021 revenue by greater than 500%. Pair that with a fine-tuned marketing team under our hood, and we are off to the races, pun intended.”