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Irish personal care firm to invest $50m in U.S. CBD maker

Hemp Industry News
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Ireland-based Perrigo Company plc has partnered with Kazmira LLC of Colorado, USA to add CBD to its portfolio of generic prescription topicals and pain and sleep aids, the companies announced.

In addition to a supply agreement, Perrigo will acquire an approximate 20% equity stake in Kazmira for $50 million with $15 million paid upon close of the transaction and the balance within 18 months, the companies said.

$1.3 billion in sales

Perrigo reported $1.3 billion in sales in its last recorded quarter. The company said its minority equity investment marks a first phase in the partnership which will eventually see Perrigo launch CBD products in a number of global markets. Kazmira, meanwhile, will be Perrigo’s exclusive supplier on the U.S. market.

“We believe that Kazmira’s deep understanding of CBD science, combined with Perrigo’s regulatory expertise and investment, allows us to lead the industry through the next phase of development of rigorous quality standards and proactive engagement with regulators,” said Perrigo CEO and President Murray S. Kessler.

“We look forward to leveraging Perrigo’s regulatory and manufacturing expertise in concert with Kazmira’s proprietary technology for large-scale biomass processing,” Kazmira Co-CEO Priyanka Sharma said.

Perrigo is traded on the Tel Aviv and New York stock exchanges.


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