Exclusive: Good Hemp Buys Alkaline Spring Water Producer Diamond Creek

Good Hemp, Inc. GHMP said Tuesday it has bought Diamond Creek Group, a manufacturer of ionized high alkaline spring water, for an undisclosed price.

What Happened

Diamond Creek is becoming a wholly owned subsidiary of Good Hemp.

The Cornelius, North Carolina-headquartered producer of hemp seed oil-infused beverages said the move is part of a strategic plan to broaden its consumer reach.

According to some estimates, the functional water market is projected to hit $18.24 billion by 2025, mostly thanks to the interest from Asian and North American regions.

As for the alkaline water market, it could reach $4.3 billion by 2023, with North America and Japan accounting for 96% of sales.

With the newest purchase, Good Hemp said it plans to capitalize on “this extraordinary market growth.”

Why It Matters

“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,” Good Hemp CEO Bill Alessi said in a statement. 

Diamond Creek founder Ken Morgan said the company is glad to join Good Hemp. 

“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,” he said in a statement. 

What’s Next

Good Hemp and Diamond Creek have already used Good Hemp’s marketing collaboration with Spire Sports, counting sponsorship on the Spire Motorsports No. 77 entry in the NASCAR Cup Series.

Furthermore, Good Hemp has placed Diamond Creek offerings on Amazon.com, Inc. AMZN in order to capitalize on the alkaline water category, which is said to yield millions of dollars in online sales per year.

Good Hemp’s beverage line contains Good Hemp Fizz and Canna Hemp, which are carbonated beverages crafted with hemp seed oil and other natural ingredients. The company plans to launch a new line of cannabidiol gel caps with quick-acting properties.

Courtesy image.