A major acquisition has resulted in a new player in the American scene of CBD mega-producers.
Kadenwood LLC, a CBD manufacturer, recently acquired Colorado-based EcoGen, a CBD producer in its own right, to create a mega-firm valued at approximately $250 million.
Benzinga reports that although EcoGen drew $63 million in revenues last year, it has recently faced serious issues.
Fox Business claims that EcoGen had laid off over 100 employees amid the troubling economic circumstances after the outbreak of the coronavirus pandemic in the U.S. before Kadenwood closed the deal to purchase the manufacturer.
The newly-consolidated company claims it will be one of the largest CBD manufacturers in the U.S., providing high levels of consistency at low costs.
According to Fox Business, Kadenwood board member Rich Carmona also brings major credentials to the project as a former U.S. Surgeon General. Carmona also lost a close bid for senate in 2012, losing the Arizona seat to Jeff flake.
Reuters reports that while Kadenwood CEO Erick Dickens said the company was valued at $180 million, he refused to expose how much the company paid for EcoGen.
“Kadenwood is determined to be the industry’s leading vertically integrated consumer goods company, and the EcoGen acquisition completes our genetics-to-shelf capability,” Dickens told Benzinga in an interview.
“There were plenty of potential targets for Kadenwood. The EcoGen brand is known globally for providing exceptionally high quality isolate at competitive pricing. EcoGen is recognized as one of the early leaders of CBD processing and is the only major processing company not to experience a bankruptcy filing this year.”
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