Kratom Company MIT45 Expands into Acquisitions in Effort to Consolidate Market
Sep 15, 2022
The company is aggressively on track to acquire multiple companies and $250M in revenue by 2023.
September 15, 2022 – Salt Lake City, UT – MIT45 is currently in the process of adding $10 million to the balance sheet in an effort to expand acquisitions and accelerate market consolidation. This is part of the company’s objective for rapid market expansion and domination of the kratom industry and puts the company on track to control the market by 2023.
For the past 3 years, MIT45 has solidified their reputation as the Gold Standard in the industry. They were recently named a Top 3 Innovative Company in 2022. Also, LA Newswire recognized the company for the excellent workplace culture developed over a couple of years and for leading the charge for regulating the industry.
Over the previous several months MIT45 has (and is currently in the process of) acquiring multiple companies in the space. The strategic acquisitions will rapidly expand the revenue and provide critical assets in the effort to expand operations and different segments of the market. The expansion, utilizing debt financing, will be used to further accelerate additional strategic acquisitions.
Recently MIT45 acquired Golden Monk, one of the leading kratom e-commerce websites known for selling high-quality kratom products. This comes on the heels of opening the new Ohio office to expand the sales team and provide additional strategic expansion to better service vendors. Details of the acquisition will be publicly available soon. This consolidation will help maintain the company’s growth trajectory of $100M in revenue in 2022 and $250M in 2023.
According to Bloomberg, “Kratom is already a $1.3 billion industry in the U.S. with sales occurring online and in smoke shops, according to the American Kratom Association. In addition, acquisitions are currently at an all-time high and continuing to grow. Recently Wolters Kluwer, a global provider of professional information, software solutions, and services for professionals, published an article of business trends in 2022 and stated, “2021 was an unprecedented year of M&A with $2.9 trillion in acquisitions (up 55% from the previous year). 2022 is currently on track to exceed 2021.”
MIT45 has been at the forefront of the industry and consistently pushing the boundaries of growth, and the latest acquisition is another step on their way to increasing market share through multiple expansion strategies. As the foundation of the company, consumer demand, and company revenue has steadily expanded year over year, the company is poised to become the Coca-Cola of kratom and is currently on track to consolidate the industry in 2023.
You can learn more about MIT45 by going to MIT45. To learn about MIT45 wholesale opportunities and why it is the fastest-growing brand in convenience stores, go to Mit45Merchants.com
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