There is a lot happening with CBD products. Here is a roundup of recent news that collectively illustrate the liveliness and vigor of the space.
Kadenwood, LLC, a California-based consumer seed-to-shelf CBD company, announced the acquisition of EcoGen Laboratories, the leading global manufacturer and supplier of hemp-derived CBD materials and formulations. The deal effectively establishes Kadenwood as the largest supplier of vertically integrated, hemp-derived cannabidiol (CBD) in the US, expanding the company’s ability to scale product on of its quality-driven CBD products.
According to Erick Dickens, CEO and co-founder of Kadenwood, EcoGen is the world’s first large-scale manufacturer of hemp-based ingredients and raw materials, using sustainable farming practices to ensure quality CBD products are accessible to mainstream consumers. The company generated over $63M in revenue in 2019 through the sale of its CBD to private label brands and retailers and closed on $40M in private funding earlier this year to expand its global footprint.
According to Dickens, this acquisition is the latest in Kadenwood’s mission to elevate the CBD industry and bolster consumer confidence in the wellness category.
And there’s a new cannabis plant that made its debut: clone plant breeder Bazelet Oglesby announced that its Cannabis America is the first 100 percent genetically THC-free variety. The company plans to begin sales of the new plant later this year. “The Cannabis America plant variety, along with our Bazelet Landrace Genetics, bring unique purity with superior synergistic effects that scientific research indicates will increase the bioavailability of cannabinoids, a primary requirement of effective therapies,” said David Grand, research director.
The presence of the Schedule I substance, delta-9 THC, poses financial and legal risks for hemp farmers. Bazelet bills Cannabis America as the solution to these issues.
“Cannabis America plants have as much THC as wheat, corn or potatoes,” said Gary Hennen, a Director with Bazelet Oglesby and President of Oglesby Plants International. “The Cannabis America plant variety is 100 percent THC-free and will help expand hemp production exponentially, particularly here in the US. Farmers who have been reluctant to grow hemp for fear of possessing an illegal controlled substance can now be a part of the hemp economy without fear of breaking the law and losing their investment.”
Florida-based Global Widget, the manufacturer and distributor of premium hemp-derived CBD products for CBD supplement company Nature’s Script, as well as CBD HBA company Bath Bombs and pet care brand Perfect Paws Hemp, held its grand opening of its new CBD extraction facility, which has added local jobs and encourages state and federal agencies to accelerate growth of the hemp industry through regulatory oversight, according to co-CEO Kevin Collins., who noted that the new 15,000-square-foot extraction plant will help the company further its mission of supporting community job growth and “making high-quality CBD more affordable and accessible to consumers who benefit from using it and to businesses who prosper from selling it.”
