iAnthus Capital Holdings (CSE: IAN) (OTCQX: ITHUF) has closed the acquisition of CBD For Life, a producer of cannabidiol-infused pain management and beauty products.
iAnthus acquired the assets of CBD For Life for $10.4 million, consisting of 2,452,681 common shares of iAnthus and repayment of the company’s debt of approximately $2.4 million in cash.
CBD For Life
CBD For Life was launched in 2016 by Beth Stavola and Julie Winter.
The company saw an increase in interest from mainstream retailers in the first quarter of 2019 following the passage of the Farm Bill. The company 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.
The product lineup includes CBD-infused topicals, tinctures and sprays made for targeted pain relief ranging from muscle soreness to head-aches; and formulas blending essential oils and CBD extract into lotions, creams, and hair products designed to improve rejuvenation and restore moisture.
The CBD market is projected to generate $16 billion in U.S. retail sales by 2025. Research has shown that nearly 7% of the U.S. population in January of 2019 reported using CBD as a supplement, and that number is expected to grow to at least 10% by 2025.