A London-based CBD firm has acquired a US manufacturer as it looks to boost its supply capacity.
Tenacious Labs has taken over Colorado-based SZM LLC in a cash and shares deal, and with it a large manufacturing facility and ten person team.
Founded in 2018, SZM LLC supplies businesses across North America with hemp-derived products, including for the recreational edible market.
It follows an earlier move to tap into the US cannabinoid market by acquiring female-focused wellness brand Press Pause in April.
Tenacious Labs was co-founded by Adrian Clarke and Nicholas Morland and has benefited from £9.5m in funding from parent company Delarki to support the Group’s growth strategy and operations.
Nicholas Morland, CEO and co-founder of Tenacious Labs, said: “This is another important step in Tenacious Labs’ strategy to become the leading consumer-centric cannabinoid group in the world.
“This acquisition enables Tenacious Labs to not only ramp up its production capability but also adds industry-leading expertise in product quality, regulation, marketing, and new product development.”
Adrian Clarke, Chief Commercial Officer and co-founder of Tenacious Labs, said: “I’m delighted to welcome Zac, Michel and the team at SZM LLC to Tenacious Labs.
“With this, our second acquisition, we’ve significantly strengthened our North American operations to include a world class production facility, which will help support our ambitious global growth strategy.”
“We continue to see significant potential for further acquisitions as we execute our ambitious strategy and are actively appraising a number of further opportunities that will strengthen our position, increase our scale and integrate industry-leading expertise into the group.”