23 Aug 2018 | 08.28 am
Canadian Cannabis Firm Buys Polish Producer
Quick turn for CannabiGold founders
23 Aug 2018 | 08.28 am
European CBD oil brand CannabiGold has been bought out by Canadian cannabis producer, The Green Organic Dutchman Holdings, for $15.5 million, with an additional $12 million in incentives and $10 million cash investment.
TGOD is licensed to grow medical cannabis, which is legal in Canada and much of the USA, and the acquisition is seen as a move into the market on this side of the Atlantic for CBD oil, a derivative of the plant which is low in the psychoactive ingredient THC but efficacious in treating a range of conditions including epilepsy and anxiety.
CBD oil and other CBD products are legal in many European countries, including Ireland, and CannabiGold is owned by Polish company HemPoland which grows a variety of cannabis which contains less than 2% of THC (thus making it legal) and has high concentrations of CBD (cannabidiol).
Users can’t get high on CBD oil, though the product does engender a soothing and relaxing effect.
HemPoland, owner of the CannabiGold brand, was established in 2014.
TGOD chief executive Brian Athaide said: “HemPoland is a key component to a number of strategic acquisitions and planned partnerships focused on expanding our global distribution network. Gaining market share with CBD products now with over 700 locations in the EU allows TGOD to establish immediate brand awareness across all verticals including infused beverages. This will accelerate our plan to become the world’s largest organic cannabis brand.”
HemPoland chief executive Maciej Kowalski added: “The market and demand for premium organic cannabis and CBD oil is just the beginning.”
Both companies clearly expect that, beyond CBD products, other cannabis products with higher levels of THC will be legalised for medical use across Europe. THC oil has been shown to successfully treat conditions such as dystonia, severe epilepsy, prostate cancer and more, but is currently classed as an illegal drug.
Several companies produce CBD oil from hemp grown in Ireland, including Hempture and Full Circle Hemp, and HemPoland has an Irish website promoting its products. Specialist outlets and many pharmacies now stock CBD capsules, liquids and other products, and there’s also a vaping version of the oil.