Charlotte’s Web Holdings, the company behind one of the world’s most trusted hemp extracts, and Abacus Health Products, a leader in over-the-counter topical products combining active pharmaceutical ingredients with hemp extract, are pleased to announce Charlotte’s Web has acquired Abacus.
All the outstanding proportionate voting shares of Abacus were converted into Abacus Shares prior to closing of the Arrangement. Pursuant to the arrangement, holders of Abacus Shares received 0.85 of a common share of Charlotte’s Web for each Abacus Share held at the time of closing.
Charlotte’s Web is America’s largest vertically integrated hemp-derived CBD company. 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.
“The addition of Abacus Health cements a market leading position in both topical and ingestible products in the CBD category, representing approximately 33 percent market share of the US CBD food/drug/mass retail channel,” said Deanie Elsner, CEO 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 evp and President of Topicals.
Following the closing of this acquisition, on June 11, Charlotte’s Web had 90,287,520 common shares outstanding and 92,455.5775 proportionate voting shares convertible at 400:1, for an effective equivalent of 127,269,751 aggregate common shares outstanding.
For information can be found on Charlotte’s Web’s website.