On June 28, iAnthus Capital Holdings (ITHUF) (IAN) announced that its US subsidiary had completed its previously announced acquisition of CBD For Life, which produces and markets CBD (cannabidiol) products in the US, for $10.4 million.
CBD For Life sells its products directly to customers online and also has over 1,000 retail locations in over 46 states. Since the announcement of its partnership with Urban Outfitters in mid-April this year, the company has expanded its product line and also the number of locations in which its products are sold. CBD For Life has already onboarded national retailers such as Urban Outfitters, Of a Kind, Olympia Sports, Paper Source, and Weis Markets, and it expects to add more retailers going forward.
Currently, CBD For Life offers product lines including CBD-infused topicals, tinctures, and sprays in the health and wellness category and lotions, creams, and hair products in the beauty and skincare category. By way of this acquisition, CBD For Life is looking to take advantage of the iAnthus platform and plans to launch more products in the second half of 2019.
In a statement, Hadley Ford, the CEO of iAnthus, stated, “CBD is one of the fastest growing segments of the consumer products industry. We look forward to integrating CBD For Life’s award-winning products into the iAnthus platform, and we’re excited about the opportunity to reach a larger customer base nationwide via this acquisition. iAnthus continues to define its positioning amongst its multi-state operator peer group with the addition of national CBD platform.”
For 2019, industry experts have reportedly estimated the retail sales of CBD consumer products in the US to be between $600 million and $2 billion. With the growing number of CBD brands, product line-ups, and diverse retail channels, they’re expecting the retail sales of CBD products to reach $16 billion by 2025.