Charlotte's Web has completed its acquisition of Abacus Health Products to become the largest vertically integrated hemp-derived CBD company.
Charlotte's Web (Boulder, CO) has completed its acquisition of Abacus Health Products (Toronto, Canada) to become the largest vertically integrated hemp-derived CBD company. Joining the Charlotte's Web family of brands are Abacus's consumer brands CBD Medic and Harmony Hemp, as well as its practitioners brand CBD Clinic. Starting in July, multiple Abacus topical products will be available for purchase through Charlotte's Web direct to consumer ecommerce platform.
"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 (CEO) of Charlotte's Web, in a press release. "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, the CEO of Abacus since 2016, is now the executive vice president and president of topicals at Charlotte's Web.