Eshbal Acquires Gluten Free Nation

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Eshbal Functional Food Inc., a Canadian food-tech company, has acquired the business of Gluten Free Nation, a Houston-based producer of premium gluten-free baked goods. The acquisition was made through Eshbal USA Inc. for a total consideration of $736,424.58, including $236,424.58 in cash and $500,000 paid through the issuance of 3,846,154 common shares of Eshbal. The deal also includes potential milestone payments based on Eshbal USA achieving certain revenue targets from the sales of GFN products in 2026 and 2027.

Why it matters

The acquisition of Gluten Free Nation aligns with Eshbal's strategy to consolidate companies in the artisanal, gluten-free market and expand its portfolio of "Better for You" products. The gluten-free food market has seen significant growth in recent years, driven by increasing awareness of gluten-related health issues and the demand for healthier, allergen-free options.

The details

Founded by Randi Markowitz, known as The Gluten Free Guru, Gluten Free Nation is dedicated to delivering exceptional taste, texture, and quality for the gluten-free community. The company offers a wide range of breads, rolls, muffins, and sweet baked goods, available nationwide through retail, foodservice, and e-commerce channels. The acquisition will allow Eshbal to leverage GFN's brand recognition, distribution network, and product expertise to further expand its presence in the gluten-free market.

• The acquisition was announced on February 6, 2026.
• The transaction is subject to approval by the TSX Venture Exchange.

What’s next

The transaction is subject to approval by the TSX Venture Exchange. Once approved, Eshbal USA will begin integrating Gluten Free Nation's operations and product portfolio into its business.