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16. June 2020
Consumer Products Market Watch News North America

Charlotte’s Web Acquisition of Abacus Health Products Cements Leading Market Position

Charlotte’s Web announced acquisition of Abacus Health Products has cemented the company’s position as America’s largest vertically integrated hemp-derived CBD Company, with a combined retail distribution reach of over 21,000 outlets.

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) and Abacus Health Products, Inc. (CSE: ABCS) (OTCQB: ABAHF) announced the finalisation of the acquisition last week.

Combined, the companies distribute to more than 21,000 unique retail locations with limited shelf overlap due to adjacent but complementary positions across the ingestible and topical CBD product categories. Recently Charlotte’s Web added 1,100 new drug stores, more than 700 pet stores, and Abacus added more than 5,000 retail doors with the signing of a new retail partner.

Joining the Charlotte’s Web family of brands are Abacus’ consumer brands CBD MEDIC™ and Harmony Hemp, and for professional practitioners, Abacus’ CBD CLINIC™ brand.  Substantial product cross selling opportunities are available through each company’s respective distribution network. Starting in July, multiple Abacus topical products will be available for purchase through Charlotte’s Web’s leading Direct to the Consumer (DTC) ecommerce platform.

Abacus is engaged in the development and commercialization of over-the-counter (OTC) topical medications with active pharmaceutical ingredients and which contain natural ingredients, including a cannabinoid-rich hemp extract. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus.

The addition of Abacus Health cements a market leading position in both topical and ingestible products in the CBD category, representing approximately 33%1 market share of the U.S. CBD food/drug/mass retail channel,” said Deanie Elsner, Chief Executive Officer of Charlotte’s Web. “We thank the founders and team members of both Charlotte’s Web and Abacus for their vision and hard work to build our respective vital brands. We are now one dynamic team and mission-driven company.

Perry Antelman has been the CEO of Abacus since 2016 and will join Charlotte’s Web, effective today, as Executive Vice President and President of Topicals.

Charlotte’s Web Holdings produces premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Charlotte’s Web product categories include CBD oil tinctures (liquid products), CBD capsules, CBD topicals, as well as CBD pet products.

Source | Charlotte’s Web Holdings, Inc.