The rush towards international CBD collaborations continues this morning as Cronos Group Inc. (Nadaq: CRON TSX: CRON) closes on the previously announced acquisition deal with 4 subsidiaries of Redwood Holding Group, LLC.
With the deal now closed, Cronos has gained access to a line of U.S. cannabidiol goods sold beneath the Lord Jones brand name.
That line consists of goods such as the 1,000 mg Royal Oil that sells for $100 a bottle, as properly as a broad variety of CBD-infused skincare goods, bath salts, gummy confections, and present sets. Redwood’s CBD offerings notably contain a quantity of chews produced from dark chocolate, which is a rarity in the existing U.S. industry.
Commenting on the finalized buyout of Robert Rosenheck and Cindy Capobianco’s flagship Lord Jones brand, Cronos Group CEO Mike Gorenstein had this to say:
This acquisition is one particular of a quantity of new development possibilities that is differentiating our firm and our strategic path. We are pleased to have completed this acquisition and appear forward to functioning closely with Rob and Cindy to additional make on their record of innovation and totally capitalize on the platform they have made.
With Redwood officially beneath the firm banner, Cronos now operates hemp or cannabis-primarily based firms on 5 continents by way of brands such as Peace Naturals healthcare cannabis and Cove branded recreational strains.
In addition to develop operations and direct sales on an international scale, the firm also not too long ago launched a analysis and improvement initiative in Israel focused on vaporizer goods.
On the heels of finishing the Redwood acquisition deal, Gorenstein will also seem at the Barclays Worldwide Customer Staples Conference in Boston now, September five. That presentation will be recorded and produced accessible for shareholders to view by way of the Cronos Group investor portal.
In other current firm news, Cronos Group just announced it will lend a $100 million secured non-revolving term loan credit facility to Cronos Increasing Organization Inc.
That fundraising chance will be utilized to make a new indoor greenhouse, with the credit facility due to mature in March of 2031. Cronos Increasing Organization is a new 50/50 joint venture involving Cronos Group and the Greenhouse Partners investor group.