Abacus Health Products acquires Harmony Hemp
Abacus Health Products is bringing a well-known name in CBD onboard. The company has acquired all of Harmony Hemp’s principal assets from its owning companies for a total of $5.5 million in cash and subordinate voting shares of Abacus.
Harmony Hemp is known for its CBD-infused personal care products that have national distribution into more than 4,000 grocery and drug stores. The acquisition will expand Abacus’ retail footprint into more than 12,000 retail locations, likely giving it the largest retail CBD and hemp-infused product footprint in the country. It also expands Abacus’ offerings to include beauty and bath products currently offered by Harmony Hemp.
"This acquisition is highly synergistic and brings our national distribution to the next level. With this acquisition, Abacus is one of the largest, if not the largest, suppliers and distributors in the United States of topical products infused with CBD and hemp in the [food, drug and mass] industry,” said Abacus CEO Perry Antelman. “Harmony Hemp has long-standing relationships with quality retailers in the F/D/M channel and highly complementary products with Abacus. Our shared desire to bring innovative products to market makes this strategic combination a natural fit. We are excited to have them join our dynamic team."
Salt Lake City-based Harmony Hemp’s product lines span OTC topicals, bath and beauty, and include the Hemp Bath line of bath salts, oils and soaps, as well as the Flexible and Neurocomfort joint relief sprays, pain-relief gels, roll-ons and lotions with active pharmaceutical ingredients.
"We chose to partner with Abacus because of their dedication to science, research and product efficacy; the primary reason we entered the CBD industry in the first place,” said Harmony Hemp founder and president Courtney Roundy. “Abacus was one of the only companies in the country that knew how to launch CBD topicals within the confines of regulatory compliance. This alliance allows us to utilize innovative research to bring the most effective CBD-infused products to our retail partners and their customers."
Roundy and co-founder Miki Stephens will join Abacus’ senior management team. Abacus said it expects to maintain the Harmony Hemp brand and leverage its relationships with retailers carrying its products while integrating its commercial activities into Abacus’ existing infrastructure.