Cronos Group, a Canada-based company, has reportedly closed its most recent acquisition. The acquisition is of CBD company Lord Jones, which is recognized for its upscale products. The total cost of the acquisition is approximately $300 million for the subsidiaries.
The acquisition will give Cronos Group control over Lord Jones’s range of beauty-based cannabidiol products. According to a Yahoo Finance! report, Cronos stated in its regulatory filing that the purchase of Lord jones “is one of a number of new growth opportunities that is differentiating our company and our strategic position.”
With the acquisition, Lord Jones becomes a part of Cronos’s portfolio, which includes a range of other retail brands, such as Peace Naturals, Cove, Spinach. Concerning the Lord Jones acquisition, its products include a wide-range of options, such as edibles, topicals, sprays, and tinctures. The addition to the Cronos portfolio provides more diversity.