iAnthus Buys CBD For Life In $13.7 Million Deal
iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) is acquiring CBD For Life in an all-stock deal valued at $13.7 million. iAnthus also expects to repay the outstanding debt and related accrued interest of CBD For Life which is approximately $2 million in cash. The deal is expected to close in the second quarter of this year.
CBD For Life was launched in February of 2016 by its co-founders Beth Stavola and Julie Winter, who are well-recognized as leaders and innovators in the cannabis and CBD industries. The brand’s CBD-infused pain management and beauty products have been featured in a wide range of online and print publications including Forbes, Shape, Marie Claire, Women’s Health, Cosmopolitan, and Allure.
“Developing a strong CBD strategy is mission critical for cannabis companies to compete on a national scale while simultaneously entering the consumer product and retail marketplace,” said Hadley Ford, Chief Executive Officer of iAnthus. “With the acquisition of a name brand like CBD For Life, iAnthus is well positioned to increase our market share with greater exposure to patients and customers across the country.”
CBD For Life has experienced an increase in interest from mainstream retailers in the first quarter of 2019 following the passage of the Farm Bill. Products are available directly to consumers online and CBD For Life is currently distributing to 750 retail locations and actively on-boarding approximately 25 new locations per week with a dedicated sales channel working with national retailers.
“We’re 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 and Chief Strategy Officer of iAnthus.
Beth Stavola is being featured as an honoree this year for the “2019 High Times Women of Weed” and was recognized as Inc.com’s “Top 100 Female Founders” in 2018.