Abacus Health Products, Inc. ABAHFABCS announced it has agreed to the acquisition of principal assets in companies owning the CBD brand Harmony Hemp.
The deal is for a reported $5.5 million. Payments will be made in cash and Abacus subordinate voting shares over a two-year window.
Why It Matters
The Salt Lake City-based Harmony Hemp provides Abacus with a significant increase in the brand's U.S. footprint, appearing in over 4,000 retail locations. It is estimated that 3,400 of the stores Harmony Hemp appears in do not overlap with Abacus's current U.S. presence.
In total, Abacus says the acquisition gives the company over 12,000 retail locations.
The deal also expands the company's portfolio of product offerings, which will include bath and beauty products produced by Harmony Hemp.
"This acquisition is highly synergistic and brings our national distribution to the next level," said Abacus CEO Perry Antelman. The CEO also acknowledged Harmony Hemp's products and relationships with retailers as standout traits in the acquired brand.
Harmony Founder and President Courtney Roundy cited Abacus' work in science, research and product as prime reasons for partnering.
Related Links
Abacus Health Products Are Coming To More Bed Bath & Beyond Shelves
Cannabis Conference Sponsor Abacus Health Reflects On A Strong Year For CBD And What's Ahead In 2020
Photo by Alexandre Chambon on Unsplash
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