London-based firm Tenacious Labs has embarked on a round of acquisitions as it seeks to expand.
The company has announced it has taken over Denver CBD brand Press Pause and is set to announce further moves this week.
According to a statement, the company has a strategy to acquire established brands and become ‘the leading consumer-centric cannabinoid group’.
Companies House documents show Tenacious Labs and its associated holdings company were set up in September 2020.
The company is led by chief executive Nicholas Morland and chief commercial officer Adrian Clarke, who has family ties to the Bacardi drinks company.
In a statement, Morland said: “Our first acquisition, this is a major milestone in our strategy of building and developing a global portfolio of consumer cannabinoid brands.
“It brings an established US brand to the UK as the market enters its next phase of growth and consolidation.”
Clarke said: “As consumer attitudes to cannabinoids change, we see enormous potential for value creation within the industry.
“We are calling on UK regulators to unite the industry’s stakeholders and build a transparent framework that not only protects consumers, but also allows the industry to flourish for years to come.”