Thoughtful Brands, cannabis and psychedelics company in Vancouver, British Columbia, has acquired a Kentucky CBD maker in a stock-and cash deal worth CA$12 million ($9 million).
Thoughtful Brands Inc. announced the execution of a deal to buy American Extraction CBD Corp., a privately held hemp grower and processor in eastern Kentucky.
The deal includes American Extraction’s 41,000-square-foot manufacturing facility. The deal also includes an unspecified amount of unprocessed hemp biomass.
Thoughtful Brands will pay American Extraction CA$11 million ($8.3 million) in stock, and another CA$1 million ($751,000) in cash. American Extraction’s operations team is eligible for anther CA$2 million ($1.5 million) if it achieves cumulative sales over $1 million.
Thoughtful Brands, formerly called Mota Ventures, distributes health products online. The company also owns a facility in Radebeul, Germany, where the company researches naturally occurring psilocybin and other compounds found in psychedelics for the treatment of opiate addiction. Last month Thoughtful Brands also entered a joint venture to distribute CBD in Europe.
Thoughtful Brands sells CBD topicals and ingestibles under the Nature’s Exclusive brand and trades on the Canadian Securities Exchange as TBI.