Courtesy of Benzinga.
Hemptown Organics Corp will acquire all assets of Lake Oswego, Oregon-based Kirkman Group, Benzinga has learned. A formal announcement is expected later today.
What To Know
The acquisition includes production equipment, formulation, proprietary IP, sales channels and fulfillment centers, as well as the management team.
Hemptown will get access to a fully-operational, FDA-licensed and cGMP compliant 25,000 square foot nutraceutical manufacturing facility that includes state-of-the-art formulations and equipment that allows precision dosage of CBD and CBG liquid fill of various products.
Kirkman has $6 million in annual revenue. Its owner and chairman David Humphreys will remain at Hemptown in a role to be determined at a later date.
Never miss a news story in the cannabis world. Click here to check out Benzinga Cannabis for more
Why It’s Important
Kirkman has over 70 years of experience in manufacturing nutraceuticals. It has also been in the FDA’s good standing and has been supplying formulations for children with autism and special needs.
Hemptown plans to leverage Kirkman’s Ultra Tested protocols, to test every raw ingredient used in its products. The testing of ingredients is done for more than 950 environmental contaminants. In addition, finished products will be tested for 24 heavy metals, bacteria, yeast, mold and common allergens.
Kirkman’s existing management team and formulation experts will help Hemptown to transition to fast-track CBD/CBG product formulations into Consumer Packaged Goods for wholesale and retail markets.
Related Links:
CBD Vs. THC: The Science Behind The Most Popular Cannabinoids
Posted-In: CBD CBGCannabis M&A News Top Stories Exclusives Markets Best of Benzinga
