Beam CBD-Infused Products Firm Gets Investment Capital from Obvious Ventures

Beam, a Boston-based company, is manufacturing products that are purely CBD sourced from hemp plants. Since their products do not contain THC, they are best for athletes and anyone else looking to treat their ailments with CBD as it eases their worries.

The company was founded in 2018 by two former athletes, Matt Lombardi, a serial entrepreneur, and former hockey player and Kevin Moran, an enterprise software salesperson and former minor league baseball player.

After the two friends realized the potential of CBD-based products to treat pain and inflammations without being addictive, they wanted to venture into manufacturing 100% CBD products while still ensuring they are not tainted with THC as it could be problematic for users in certain professions and states.

In collaboration with multiple independent laboratories, they produced three lines of products that were free of heavy metals, lead, and pesticide said the company. The products included CBD-infused oils, CBD-infused salve, and cannabis protein bars with CBD powders, which costs $60-$140, $60, and $25-$45, respectively.

Their commitment to manufacturing 100% pure products has attracted fitness enthusiasts such as Mat Fraser, Mikaela Mayer, and Tia-Clair Toomey to sign agreements with the company.

According to Lombardi, Beam is aiming at being a performance wellness company. He added that since many companies launching CBD-infused products; thus, Beam is differentiating its products through rigorous testing for purity and quality while aiming for the health and fitness market.

The company managed to secure financing of $5 million seed capital from Obvious Ventures to pursue its vision.

Obvious ventures invested in beam because of the entrepreneurial skills of the former pro-athletes and the potential of the company to generate profits faster said Joaquin, Obvious Co-founder.

According to Lombardi, the new seed capital will be used to launch two new products, daytime, and nighttime blend, as well as other products in the future.