A New York-based company that makes hemp-derived CBD supplements, drinks and cosmetics has secured $5 million from a European private equity firm in a cash-for-stock deal.
The investment firm gets $5 million worth of preferred stock and the right to convert it to common stock at $1.60 a share.
A statement from Bedrock said additional funding is possible in the future.
Emerald Organic – Bedrock’s first investment in the hemp sector – said it will use the money to accelerate retail expansion and possibly acquire more CBD brands.
The company trades on the U.S. over-the-counter markets as EMOR.
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