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Abacus Health Acquires Harmony Hemp for USD 5.5m
Thursday 13 February 2020

13 February 2020 - Rhode Island, US-based CBD-infused topical medications provider Abacus Health Products, Inc. (CSE: ABCS) (OTCQX: ABAHF) has acquired the principal assets of companies owning the Harmony Hemp brand, with CBD-infused personal care products, for USD 5.5m, the company said.
The 5.5m consideration is payable in cash and subordinate voting shares of Abacus over a 24-month period in accordance with the terms of the acquisition agreement entered into on February 10, 2020.
Through this strategic acquisition, Abacus will be expanding its retail footprint by approximately 50% to over 12,000 retail locations and have, to the best of management's knowledge, the largest retail footprint of topical CBD and hemp-infused products in the United States.
Additionally, Abacus' offering will expand to include a range of beauty and bath products currently offered by Harmony Hemp.
Harmony Hemp has a presence in over 4,000 retail locations across the United States, of which approximately 3,400 do not overlap with Abacus' retail presence.
Abacus currently intends to maintain the Harmony Hemp brand and expects to have the opportunity to leverage relationships with retailers carrying Harmony Hemp products.
Abacus Health Products, Inc. is engaged in the development and commercialisation of over-the-counter topical medications with active pharmaceutical ingredients. Abacus' products contain organic and natural ingredients, including hemp extract or oil containing CBD from Cannabis Sativa L. plant.
Harmony Hemp is a leading brand in CBD-infused personal care products with national distribution to more than 4,000 locations in major grocery and drugstores.
Date Published: 13/02/2020
Target: Harmony Hemp
Country: USA
Deal Size: 5.5m (USD)
Sector: Consumer Products
Type: Corporate acquisition
Financing: Cash and Stock
Status: Closed
Buyer: Abacus Health Products