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, The Kirkman Group operates a 25,000-square-foot nutraceutical manufacturing facility that is cGMP-certified and licensed by the U.S. Food and Drug Administration, according to the acquisition announcement.
The Kirkman Group has been making formulations for children with autism and special needs for 70 years. It is based in Lake Oswego, Oregon, and now has some 400 products in its portfolio.
Hemptown produces cannabinoids with farms in Oregon, Kentucky and Colorado, and 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 round of financing in May, allowing it expand production in Colorado, Kentucky, California and Oregon.