Shares of Smart for Life Inc. (SMFL) were up 5.00% at $0.399 at the time of the most recent check in after-hours trading, which was followed by a relocation move.
Where SMFL has been relocating?
This week, Smart for Life (SMFL) announced that its corporate offices will be moving to 990 S Rogers Circle, Suite 3, Boca Raton, FL 33487 as part of a consolidation of activities. The new SMFL headquarters includes corporate offices, a new fulfillment and call center, as well as more warehouse space, in keeping with its M&A strategy and objective of simplifying operations to take advantage of synergies of its merged firms.
As Smart for Life continues to drive expansion both organically and via acquisitions, moving its corporate offices is another crucial step in putting operating efficiency and cost-saving measures into action. All of the offices that SMFL has been running in Southern Florida, together with a third-party fulfillment facility, will now be housed under one roof.
As the new headquarters will provide it the ability to support future acquisitions, which is vital given its history of purchasing complementary firms at competitive prices, SMFL also anticipates reaping further scale-related benefits. As the business continues to cut expenses and increase top-line revenue, Smart for Life anticipates that the consolidation of its operations will lead to increased profitability in upcoming quarters. In 2023, SMFL hopes to generate $100 million in annual revenue, so it will be moving in that direction.
SMFL signed a strategic agreement
Recently, SMFL and Cosmos Holdings, doing business as Cosmos Health, signed a non-binding Letter of Intent for a strategic co-venture to cross-market goods and services in their respective markets. On October 27, 2022, the Letter of Intent was signed.
How will the partnership affect both businesses?
In the health and wellness sector, both businesses are seeing rapid development. The main difference between them is the markets they serve: Cosmos serves the EU and UK markets, while Smart for Life (SMFL) serves the North American markets. Moreover, Cosmos’ two unique brands ‘Sky Premium Life’ and ‘Mediterranation’, can be prospective high-income items offered through SMFL distribution channels in the US.