“This just made so much sense,” Charlotte’s Web CEO Deanie Elsner informed Hemp Grower and Cannabis Business Times. “We’re like two distinct puzzle pieces that now fit perfectly together as one.”
Charlotte’s Web has been conducting enterprise with Abacus for the previous 5 years, Elsner mentioned, with Charlotte’s Web promoting Abacus its proprietary full-spectrum hemp-derived CBD for the corporate’s product formulations.
“I would say our relationship has been extremely collegial and one of mutual respect for years,” Elsner mentioned. “Abacus’ leadership and innovation in topicals complements Charlotte’s Web’s number one market position in ingestibles.”
The Charlotte’s Web crew has additionally been impressed with Abacus’ science-driven method to its enterprise, which Elsner mentioned mirrors Charlotte’s Web’s dedication to science.
Now, below the settlement, Charlotte’s Web has acquired all of the issued and excellent subordinate voting shares of Abacus, which finally grants Charlotte’s Web distribution by way of greater than 21,000 retailers.
Abacus’ client manufacturers, CBD MEDIC and Harmony Hemp, in addition to the corporate’s CBD CLINIC model for skilled practitioners, now be a part of the Charlotte’s Web household of manufacturers, and product cross-selling alternatives can be found by way of every firm’s distribution community.
“This acquisition opens the door for reaching thousands of health care and wellness practitioners, which we believe is a vital audience to engage, educate and support,” Elsner mentioned. “This move catalyzes our company to be global in reach. We want the quality, efficacy and consistency of our full portfolio of products to globally reach those in need of the healing power of botanicals. This deal does just that.”
Beginning in July, a number of Abacus topical merchandise might be out there by way of Charlotte’s Web’s Direct to the Consumer (DTC) ecommerce platform.
“Now that we are one company and Abacus’ brands–CBD MEDIC, CBD CLINIC and Harmony Hemp–have joined the Charlotte’s Web family of brands, we can deliver an attractive and trustworthy portfolio of products DTC and to a wide spectrum of retail customers,” Elsner mentioned.
Abacus CEO Perry Antelman has joined Charlotte’s Web as govt vp and president of topicals, and Elsner mentioned the corporate has launched a 100-Day Integration Plan to merge the 2 manufacturers.
“We still have a lot of work to do to fully integrate the Abacus brands into Charlotte’s Web and look for opportunities to be more efficient and to improve—and that means being willing and open to change in the dynamic CBD market,” she mentioned.