United Kingdom-based CBD and wellness brand Naturecan acquired the IAH Oregon cannabidiol production facility in the U.S. for 8 million pounds (roughly $10 million).
Naturecan did not specify how it would satisfy the price of the acquisition.
IAH Oregon, headquartered in Medford, previously produced the CBD used in Naturecan products, according to a news release issued Wednesday.
“Now Naturecan will ramp up production of its global supplies of CBD oils, snacks, protein supplements, vitamins and balms as well as supplying the purest CBD for other brands,” the release noted.
Naturecan touted IAH Oregon’s “industrial-scale Centrifugal Partition Chromatography (CPC) technology platform” as being capable of producing CBD distillate “with ultra low THC.”
“We will be producing hundreds of kilograms a month of CBD through our high-tech refinement methods,” Naturecan CEO Andy Duckworth said in a statement.
Naturecan said it achieved sales of 12 million pounds in 2022 and projected 2023 revenue of more than 18 million pounds.
The Stockport, England-based company is backed by former cricket champion Andrew “Freddie” Flintoff.