Balanced Health Botanicals, one of Colorado’s largest CBD companies, has been acquired by a Canadian hemp firm in a multimillion-dollar deal. Reports Westword
Headquartered in Englewood, Balanced Health Botanicals founded CBDistillery, a line of hemp-derived CBD products. After its launch in 2016, CBDistillery quickly became a popular e-commerce CBD brand across the country, ranking in the top five CBD companies, with more than 30,000 orders a month as of this year.
Vancouver-based Village Farms operates in a country where all forms and derivatives of cannabis, including THC, are federally legal. It had been looking to break into the United States CBD market, which was valued at nearly $5 billion in 2020. The Canadian firm targeted the privately held Balanced Health Botanicals as an entry partner, and eventually agreed to a full acquisition valued at $75 million.
Balanced Health Botanicals ownership will receive $30 million in cash and $45 million in Village Farms stock, according to an August 16 merger announcement. Executive leadership will stay aboard after the merger, according to Balanced Health Botanicals CEO Chase Terwilliger.