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Level Brands to Acquire cbdMD Cannabidiol Consumer Brands in Deal Valued at USD 118m
Thursday 06 December 2018

6 December 2018 - North Carolina, US-based marketing company Level Brands, Inc. has agreed to acquire Cure Based Development, LLC, the manufacturer of consumer cannabidiol brand cbdMD, the company said.
The acquisition is to be conducted in a two-step merger for merger consideration of 15.525m shares of Level Brand's common stock, with an earnout potential of up to an additional 15.525m shares if net revenue targets aggregating USD 300m are met within 60 months of the closing date.
New Cannabis Ventures reported the deal is valued at USD 118m.
Cure Based Development began reporting revenues in 2018 and for the eight months ended August 31, 2018 reported revenue of USD 3.2m and in October 2018 had monthly sales exceeding USD 1.0m. Cure Based Development's current product offerings include gummies, tinctures, topical, bath bombs, oils, and pet products.
Level Brands, Inc. (NYSE American: LEVB) is a marketing and licensing company that provides branding for leading businesses. The focus of LEVB is licensing and corporate brand management for consumer products, including art, beauty, fashion, the beverage space, health and wellness, and entertainment.
Date Published: 06/12/2018
Target: Cure Based Development
Country: USA
Deal Size: 118m (USD)
Sector: Consumer Products
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Buyer: Level Brands