Hemptown acquires nutraceutical maker, strikes into client packaged items

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Hemptown Organics Corp., a vertically built-in, multistate hemp producer based mostly in Central Level, Oregon, has acquired longtime nutraceutical producer Kirkman Group for $5 million.

With $6 million in present annual income, Kirkman operates a 25,000-square-foot nutraceutical manufacturing facility that’s Present Good Manufacturing Course of (CGMP)-certified and licensed by the U.S. Meals and Drug Administration, in keeping with the acquisition announcement.

Kirkman has been making formulations for youngsters with autism and particular wants for 70 years. It’s based mostly in Lake Oswego, Oregon, and now has some 400 merchandise in its portfolio.

Hemptown, which produces cannabinoids with farms in Colorado, Kentucky and Oregon, is shopping for Kirkman to hurry entry into the patron packaged items sector.

“This acquisition has sped up our timeline into client packaged items by about 18 months,” Hemptown President Michael Townsend instructed Hemp Business Each day.

Hemptown USA accomplished a $23 million financing spherical in Might, permitting the corporate to increase manufacturing in California, Colorado, Kentucky and Oregon.

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