Hemptown Organics Corp., a vertically integrated, multistate hemp producer based in Central Point, Oregon, has acquired longtime nutraceutical manufacturer Kirkman Group for $5 million.
With $6 million in existing annual revenue, Kirkman operates a 25,000-square-foot nutraceutical manufacturing facility that is Current Good Manufacturing Process (CGMP)-certified and licensed by the U.S. Food and Drug Administration, according to the acquisition announcement.
Hemptown, which produces cannabinoids with farms in Colorado, Kentucky and Oregon, is buying Kirkman to speed entry into the consumer packaged goods sector.
“This acquisition has sped up our timeline into consumer packaged goods by about 18 months,” Hemptown President Michael Townsend told Hemp Industry Daily.
Hemptown USA completed a $23 million financing round in May, allowing the company to expand production in California, Colorado, Kentucky and Oregon.