Cronos Group Inc., reported in a press release its acquisition through a definitive agreement of four of Redwood Holding Group, LLC’s subsidiaries, one of which includes CBD Brand Lord Jones.
Redwood is responsible for the marketing, manufacturing, and distribution of hemp-derived CBD infused skincare and other products. It does its business through CBD brand Lord Jones. Redwood, founded by Robert Rosenheck and Cindy Capobianco, has grown to become a high-performance company.
Cronos Group’s Chairman, President, and CEO shared in the press release,
“Rob and Cindy have built a differentiated, best-in-class platform with hemp-based CBD formulations that stand for quality and consistency. Our goal is to preserve the integrity of all Rob and Cindy have created, while also learning from them and leveraging Cronos Group’s resources to capitalize on the significant demand for skincare and other consumer products derived from hemp. Leading the industry forward responsibly and being a part of the conversation with industry stakeholders remains a top priority for Cronos Group in this evolving area.”
Robert Rosenheck also shared in the press release,
“The inspiration for our company was simple, we wanted to create a brand we wished we could buy as adult consumers,”
said Mr. Rosenheck.
“We chose Cronos Group because they share our vision and values and will help us continue our mission. We are incredibly proud of our team and grateful to our customers who are responsible for our success. Cindy and I look forward to working with Cronos Group to further extend the love and enthusiasm for our products.”
The agreement permits Cronos Group to acquire Redwood for $300 million. The transaction is also expected to close in 2019’s third quarter, subject to customary regulatory approvals and closing conditions.