A Brampton company is looking to enter the burgeoning hemp-based health and beauty products market with an acquisition of an Ottawa firm.
Pure Global Cannabis, through its subsidiary PureSinse, announced plans last week to acquire Ottawa-based Great Canadian Hemp Co. in a $560,000 deal. Some $60,000 of the acquisition cost will be paid in cash, with the remainder coming from Pure Global stock held in escrow over the next two years.
GCHC, which creates hemp-based skin and hair products, will become a business unit of PureSinse after the acquisition. Ross Hendry, Pure Global’s vice-president of consumer sales and marketing, said in a statement that the Ottawa firm’s established product lines made for an ideal entry into the hemp-based health and wellness market.
Pure Global, a cannabis company and licensed pot producer, intends to throw its marketing and manufacturing weight behind GCHC’s product lines and bring them into the U.S. and European markets in the next 12 to 24 months.
The potential of the global market for cannabinoid-based products has generated a great deal of attention lately, as new regulations south of the border have legalized hemp cultivation and retail. CBD, the non-psychoactive component of cannabis, is largely derived from hemp and is growing in popularity as an ingredient in beauty and wellness products.