- Oregon-based Kirkman Group is FDA-licensed and cGMP-certified
- The acquisition, part of Hemptown’s vertical integration strategy, will enable the company to make its immediate entry into the consumer packaged goods field
- The company has already acquired and planted 4.5 million hemp seeds in plots across three states
- Forecast high yields and the latest acquisition are expected to enable Hemptown USA to position itself as a leader in the rapidly expanding cannabinoid product market
Hemptown USA, a privately held company headquartered in Southern Oregon’s Emerald Triangle, is currently focusing on its rapid, vertically integrated growth within the lucrative cannabis industry. As a part of this strategy, the company announced the acquisition of assets comprising the FDA licensed, cGMP-certified operating nutraceutical business of the Kirkman Group (http://cnw.fm/an42G).
Based in Lake Oswego, Oregon, Kirkman Group has finalized a transaction with Hemptown USA that encompasses the company’s management team, formulations, production equipment, proprietary intellectual property and current sale channels, among others. Kirkman’s former owner and chairman, David Humphrey, will remain with Kirkman, offering guidance in a role that’s yet to be determined.
The Kirkman Group’s 25,000-square-foot nutraceutical facility is fully operational and comprised of innovative equipment and formulations aimed at facilitating precision dosage of cannabidiol (CBD) and cannabigerol (CBG) product formulations, including tinctures, gel caps, topical products and edibles.
For over 70 years, the company has been supplying world-class formulations for children with autism. Currently, Kirkman produces $6 million in annual revenue, and forecasts suggest growth in the future.
This acquisition enables the completion of Hemptown USA’s vertical integration plans. In addition, it facilitates the company’s immediate entry into the consumer packaged goods field.
To ensure its stability and growth in the future, Hemptown USA is positioning itself as one of the prominent CBG manufacturers in the U.S. CBG, a type of cannabinoid that’s less commonly produced than CBD, is often called the “mother of all cannabinoids.” It is a precursor to other cannabinoid compounds, and studies suggest that it has immense health benefits.
In the spring of 2019, Hemptown USA acquired 4.5 million rare hemp seeds. These have been divided three ways – one third went to Kentucky, another third was planted in Colorado and the final third (all CBG genetics) remained in Oregon. The seeds were planted in greenhouses to begin with, and, in mid-summer, they were taken outdoors and planted on over 1500 acres of land in the three states.
Based on its crop production efforts and the acquisition of the Kirkman Group production facility, Hemptown USA can fast track formulations, product development and subsequent distribution.
Hemptown USA is already recognized for growing some of the finest hemp plants in the world. Following a successful first-year yield, Hemptown USA is currently working to scale up operations and benefit from the growing global demand for high quality cannabinoid products.
Having farmland in three states, as well in-house extraction facilities, enables Hemptown USA to vertically integrate the consumer packaged goods sector with top-quality branded lines for the consumer market. All of these steps and strategic decisions are expected to enable Hemptown USA to capitalize on a market that’s forecast to reach $22 billion by 2020.
Check out http://cnw.fm/dyYB1 for a brief video on recent developments.
For more information, visit the company’s website at www.HemptownUSA.com
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