Sol Global Acquires Hemp Biomass Company Blühen Botanicals In $30M Deal
SOL Global Investments Corp. (OTC:SOLCF) completed the acquisition of hemp biomass processing and extraction company Blühen Botanicals for $12.06 million in cash consideration and an additional $18 million in stock of SOL’s hemp and CBD-focused subsidiary, Heavenly Rx.
Joe Fox, co-founder and CEO of Blühen Botanicals, will join the Heavenly Rx executive team.
Based in Knoxville, Tennessee, Blühen intends to use the proceeds from the acquisition to “expand its research and engineering teams and to focus on the development and expansion of its retail operations. The investment will also allow Blühen to scale its existing high-throughput capabilities and further expand its already robust network of expert farmers across the state of Tennessee," according to a press release.
"Blühen has built a vertically integrated supply chain and a premium consumer hemp brand in a very short timeframe," Fox told Benzinga. He said his team is proud of their accomplishments, including the recent launch of their flagship retail wellness location.
“This investment from SOL Global and the partnership with Heavenly Rx will open the door to significantly more distribution channels in the international hemp market,” he said.
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