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Tenacious Labs: New London-based CBD firm launches with US acquisition
New London-based CBD vehicle Tenacious Labs launched with a US acquisition today, joining the race for brands and product launches as the cannabinoid space heats up on both sides of the Atlantic.
www.standard.co.uk
New London-based CBD vehicle Tenacious Labs launched with a US acquisition today, joining the race for brands and product launches as the cannabinoid space heats up on both sides of the Atlantic.
CBD stands for cannabidiol - the non-psychoative compound in Cannabis plants. It is used medicinally to treat conditions including insomnia. Bank of America Merrill Lynch has estimated its global consumer market is set to reach a value of around $39 billion by 2032.
Tenacious Labs, which is set to bring its first brands to market in the UK this summer, announced on Tuesday that it has bought Denver-based female wellbeing CBD product-maker, Press Pause.
Press Pause makes CBD capsules, bath bombs and balms. Its acquisition gives the company an established direct-to-consumer brand in the US, and it is to shortly launch the brand’s products in the UK. Tenacious Labs said that the move will "ignite its buy-and-build strategy to become the leading global consumer cannabinoids brand".
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Strong growth in the Cannabis market.