CBD and hemp company Vertical Wellness revealed Wednesday it has obtained The Organic Candy Factory.
The Los Angles-based company confirmed it has acquired the California-based sweet maker in a stock transaction. Other financial details, however, remained undisclosed.
The Organic Candy Factory is a family-owned business founded by 7-year-old Ginger and her mother, Piper Cochrane, who also serves as its CEO.
The two parties are joining forces to manufacture hemp and cannabinoid-infused variants of Organic Candy Factory products.
"My dream is to build Organic Candy Factory into the leading brand of Better For You candies," Piper Cochrane disclosed Wednesday. "Vertical Wellness has the right team and scalable platform to achieve this."
Sandy Climan, who invested in both parties and is poised to join the Vertical Wellness Advisory Board said that he "couldn't be more excited about the combination and the potential for growth."
Smoke Wallin, Vertical Wellness' Chairman, and CEO praised both Pier and Ginger, highlighting they have "have done a remarkable job building a truly unique brand in the Better For You candy market" over the last decade.
He further emphasized that the "top form factor in the CBD market has been gummies."
Grand View Research's data suggest that the global CBD gummies market would hit $6.95 billion over the next five years.
Meantime, Vertical Wellness has been expanding its footprint via several deals it has inked earlier this year, including an agreement to extend the strategic processing and extraction partnership with GenCanna, the Tech Holdings' purchase, and a licensing agreement with Kathy Ireland Worldwide for a CBD product line.