CBD Capital Scores Financing From Atwood, Buys Controlling Stakes In Subsidiaries

CBD investment company CBD Capital Group has secured a bridge financing for the acquisition of its hemp-producing subsidiaries.

The San Diego-based company obtained funding through growth capital investment from Atwood Consortium, LLC.

CCG will hold a controlling interest in both Medix CBD and the Hawaii-based Mana Artisan Botanics, while getting ready for the first round of financing.

“The CCG team is made up of true professionals who have done over $1 billion in revenue generation during their careers,” said Atwood’s Co-Portfolio Manager Inger Airheart in a statement. “Their model is insanely capital efficient because they know how to structure deals that simultaneously protect investors and accelerate entrepreneurs.”

“As many cannabis businesses are struggling to secure funding during the COVID-19 pandemic, we are proud that our team’s talent and the industry’s growth potential were recognized through this investment backing,” said CBDCapitalGroup CEO David Metzler. “With this funding, we will close out our first two acquisitions, and then make the necessary business strategy changes before we start closing our Series A funding round as planned.”

The company said it will focus on making changes within business and marketing strategy by shifting its subsidiaries to an outsourced fulfillment process.

CBD acquired Mana Artisan Botanics, a hemp-infusions company, in November.