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.
Read more at. https://www.westword.com/marijuana/canadian-hemp-firm-buys-colorado-company-cbdistillery-12145558
