CHARLOTTE, N.C. – THC-free cannabidiol products maker cbdMD Inc. announced it has entered into a letter of intent to purchase CBD online marketplace DirectCBDOnline.com, from Twenty Two Capital LLC.
“Owning a CBD online marketplace that sells various CBD brands provides unique transparency to better understand consumer spending habits and trends across the wider CBD and hemp marketplace,” said cbdMD Chairman & Co-CEO Martin A. Sumichrast. “In addition, the technology and digital strength that DirectCBDOnline.com owns enhances our overall direct to consumer ecommerce capabilities.”
To help cbdMD enhance its direct-to-consumer capabilities, Sumichrast stressed that the company will retain Direct CBD Online’s cofounders, John Wiesehan III and Brad Trawick. Both will be playing important roles, said Sumichrast, as cbdMD expands further in the global CBD market. Once the deal closes, Weisehan III will take the newly created role of chief revenue officer.
Wiesehan III noted that cbdMD is well positioned to increase its market share in the rapidly growing CBD industry. “By folding in our team from DirectCBDOnline.com, we strengthen the foundation that cbdMD has built,” he said.
Subject to customary conditions to closing, cbdMD expects to complete the acquisition no later than the end of July, given that certain conditions precedent to execution of the agreement and closing are met.
CbdMD’s comprehensive line of U.S. produced, THC-free CBD products is available through 6,000 retail outlets. Currently, it’s product lines include more than 130 SKUs of high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD bath salts, CBD sleep aids and CBD drink mixes.
Its Paw CBD brand of pet products includes over 45 SKUs of veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and its CBD Botanicals brand of beauty and skincare products features 15 SKUs, including facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care.