Plant & Co Brands (CSE: VEGN) this morning announced that it has made an initial strategic investment into that of Sire Bioscience (CSE: SIRE). The investment was conducted as a result of the firms recent acquisition of PlantFuel, which provides plant-based products to those with an active lifestyle.
The initial investment was conducted as a means of forming a strategic alliance with the firm. The alliance will see the two firms work together to develop plant-based healthfoods for those with an active lifestyle, ranging from the weekend warrior to that of elite athletes. The partnership is to leverage PlantFuel’s plant-based protein to develop a variety of products targeting this vertical.
“PlantFuel, a recently acquired wholly owned subsidiary of Sire Bioscience, has developed plant-based proteins to fuel athletes, which will form the basis of a line of fuel foods for athletes. This is a large and growing market, and the teams of Plant&Co and Sire Bioscience are positioned take significant market share.”Derek Ivany, Advisory Board Chairman for Plant&Co
The initial investment conducted by the firm consisted of a $100,000 stake in a precent private placement of Sire, which saw Plant&Co acquire 666,667 common shares of the issuer.
Plant & Co last traded at $0.49 on the CSE.
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