iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) just announced that the company’s subsidiary in the United States has successfully closed a previously announced agreement to acquire CBD For Life for $10.4 million. Out of the $10.4 million paid to acquire 100% of the CBD for Life assets, only $2.4 million is in cash and the remainder consists of 2,452,681 in iAnthus common shares.
Hadley Ford, Chief Executive Officer of iAnthus, stated: “CBD is one of the fastest growing segments of the consumer products industry. We look forward to integrating CBD For Life’s award-winning products into the iAnthus platform, and we’re excited about the opportunity to reach a larger customer base nationwide via this acquisition. iAnthus continues to define its positioning amongst its multi-state operator peer group with the addition of national CBD platform.”
CBD For Life holds a wide range of innovative cannabidiol (CBD) infused products. Products within the company’s CBD wheelhouse include CBD wellness, self-care, and beauty products that are available online and in over 1,000 retail locations across 46 states.
Beth Stavola, Co-Founder of CBD For Life and Chief Strategy Officer of iAnthus, stated: “I couldn’t be more thrilled to continue driving iAnthus’ national strategy with CBD For Life’s proven product line. I continue to believe in iAnthus’ long-term value creation following the completion of both this deal as well as the MPX transaction, and I look forward to the great future ahead for team iAnthus.”
It is reported by industry experts that the total sales of CBD consumer products in the U.S. reached between $600 million and $2 billion in the year 2018. Market research on CBD sales has projected a future U.S. CBD market value of $16 billion by the year 2025. Data gathered on the usage of CBD products in January of this year revealed that close to 7% of the U.S. population reported to have used a CBD supplement. The percentage of the U.S. population who have consumed or used a CBD supplement product is expected to increase to a minimum of 10% by the year 2025.
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