Arizona Based Brand ‘CBD For Life’ Being Bought for 13.7 Million
iAnthus Look Set To Purchase Popular Arizona CBD Brand
Cannabis company iAnthus have just announced an interim agreement to acquire the innovative CBD brand, CBD For Life. The Arizona based CBD For Life product brand was launched in February 2016, specialising in a range of CBD infused products.
Innovative CBD Brand
The Arizona based CBD For Life product brand was launched in February 2016, specialising in a range of CBD infused products. They use 99% pure CBD extract derived from the stems of stalks of industrial hemp, and it this that sets them apart from all other competitors. The popular brand have been featured in a wide range of online and print publications including Forbes, Shape, Marie Claire, Women Health, Cosmopolitan, and Allure.
iAnthus Family
“Were excited to bring CBD For Life into the iAnthus family—our CBD brand will provide iAnthus with even greater reach and a wider consumer base, particularly in states that have yet to implement full-scale cannabis programs,†said Beth Stavola, Co-Founder of CBD For Life.
The company products are currently available to consumers directly online and CBD For Life distributes to 750 locations weekly. They are also actively on-boarding approximately 25 new locations per week through a dedicated sales channel working with national retailers. So the future is looking bright for both CBD For Life and iAnthus. iAnthus will acquire 100% of the equity interests in CBD for life in return for 2,529,863 common shares of the cannabis-based company.
“Based on a fixed share price of US$5.41 (the closing price of ITHUF shares on the OTCQX as of March 15, 2019), the stock consideration equates to US$13.7 millionâ€. Once this transaction is closed iAnthus will also expect to repay any outstanding debt and accumulated interest for CBD For life. The amount being approximately 2.0 million US dollars in cash.
Industry experts have estimated that retail sales of CBD consumer products in 2018 reached between 600 million and two billion US dollars. The industry continues to swell and a number of new brands and products types are increasingly becoming available through a diverse range of channels. By 2025, the CBD market in projected to generate 16 billion.
About CBD For Life
Headquartered in New Jersey, CBD For Life products include CBD sprays, pure body rubs, roll on oils, infused bath bombs, CBD tinctures, creams, lotions, lip balms, and hair care products. Their revolutionary formulas are free of all GMO parabens, phthalates, formaldehyde, artificial colouring, and are never tested on animals (always a bonus!) The company are said to combine CBD with nourishing essential oils, and other active ingredients.
