Agricultural services company New Age Farm has signed a letter of intent (LoI) to fully acquire Drink Fresh Water (DFW), a US-based cannabidiol (CBD) infused beverage company.

DFW’s flagship product Fresh Water is a hemp-derived, CBD-infused, nano-amplified purified alkaline water.

New Age Farm’s CEO Joshua Bartch said: “We feel this potential acquisition couldn’t have come at a better time as beverage companies are currently soaring due to the huge upside potential in the space.

“This potential acquisition couldn’t have come at a better time as beverage companies are currently soaring due to the huge upside potential in the space.”

“The team at DFW have done an amazing job with the initial build, branding and overall concept of the company.  We are looking to continue to build on their success as well as bring it to the next level.”

At present, DFW products are sold in more than 100 retail outlets across the nation and are also available online.

New Age Farm and DFW are working toward negotiating the acquisition terms.

New Age Farm offers infrastructure and services for licensed growers and processors of marijuana crops at its agri-campuses in Washington State. The company is establishing its footprint in this segment through wholly owned subsidiary Kured, which was acquired in December last year.

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By partnering with hemp cultivators, edible manufacturers and product formulators, Kured markets and distributes multiple lines of CBD products. It is engaged in the creation of an online CBD and lifestyle company.

The company’s products are tetrahydrocannabinol (THC) free and will be available for purchase internationally.