Cannabis  June 11, 2020

Charlotte’s Web closes on Abacus acquisition 

BOULDER — Charlotte’s Web Holdings Inc. (OTC:CWBHF), a local CBD product manufacturer, announced Thursday it has closed on a deal to acquire Canadian hemp topicals maker Abacus Health Products Inc. (CSE:ABCS).

The deal, first reported in March, is worth more than $68 million.

“The addition of Abacus Health cements a market leading position in both topical and ingestible products in the CBD category, representing approximately 33% market share of the U.S. CBD food/drug/mass retail channel,” Charlotte’s Web CEO Deanie Elsner said in a prepared statement.  “We thank the founders and team members of both Charlotte’s Web and Abacus for their vision and hard work to build our respective vital brands. We are now one dynamic team and mission-driven company.”

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Abacus CEO Perry Antelman will now serve as Charlotte’s Web vice president and president of the firm’s topicals division. 

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Lucas High
A Maryland native, Lucas has worked at news agencies from Wyoming to South Carolina before putting roots down in Colorado.
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