GenCanna has acquired Taylor Mammon (TM), a UK-based turnkey CBD formulator, private label accelerator and distributor.
The move follows an 18-month collaboration between TM and the American agriculture-technology company focused on producing hemp-derived CBD. GenCanna acted as TM’s supplier of CBD and other cannabinoids for infusion into brand products during preparations for its Novel Foods Application.
TM co-founder and managing director Nathan Wogman praised the acquisition, since it offers the company CBD infusion services that are now fully compliant to standards of the Food Safety Authority of the United Kingdom and its European equivalent, the EFSA.
“GenCanna’s acquisition of Taylor Mammon positions us for significant international growth and to be a global leader in the CBD arena,” he added.
The validation deadline for novel foods compliance is March 31, 2021.
“This alliance — which we understand is the first of its kind for a UK-based CBD company — drives unique and mutually beneficial operational and marketing synergies that will catapult product development, sales, and revenue opportunities within our respective geographies,” GenCanna CEO Andrew Barnett commented.
GenCanna has been supporting other companies within the space as well, including Vertical Wellness.
Last year, the company inked a deal to deliver over 15 million pounds of unprocessed hemp to Vertical Wellness’ Cadiz, Kentucky-based production facility.
In February 2019, MariMed Inc. (OTCQB:MRMD) has converted its $30 million worth of debentures into GenCanna common stock. The significant stake in a Kentucky-based company strengthened MariMed’s presence in the hemp CBD market.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights