Thoughtful Brands, a British Columbia based cannabis company, recently acquired American Extraction CBD Corp out of Kentucky in a $9 million deal.
The canadian company will be taking over American Extraction’s 41,000 square foot manufacturing facility in eastern Kentucky as well as purchasing the company’s unprocessed hemp biomass. Once the facility has its full license, it will be capable of processing 1,200 pounds of hemp every day. This is another step in the company’s efforts to become more vertically integrated.
The details of the sale included CA$11 million given in stock, CA$1 million in cash and a possible bonus incentive of CA$2 million if the company achieves its sales goal of $1 million. \
“The term sheet with American CBD is an important milestone for the Company because it increases the likelihood of expanded margins and will allow us to launch innovative new products for which we control every step of the process,” Thoughtful Brands CEO Ryan Hoggan told the press. “Once we’re able to work directly with the team at American CBD and within their state-of-the-art Kentucky facility, we expect to be able to fine-tune and advance our cannabinoid product portfolio.”
Thoughtful Brands currently works to distribute health products online. Their CBD topicals and ingestibles line is sold under the brand name ‘Nature’s Exclusive’, ‘Sativida’, ‘Golden Path’, and ‘Wild Mariposa’.
The company also has another facility in Radebeul, Germany. The company also entered a trade agreement earlier in the year to distribute CBD throughout Europe. They are working to heal people using substances like cannabis and other drugs that were frowned upon until recently. An ongoing project in their german facility includes researching psilocybin from magic mushrooms to help treat opiate addiction.