A New York-based company that makes hemp-derived CBD supplements, drinks and cosmetics has secured $5 million from a European private equity firm in a cash-for-stock deal.
Emerald Organic Products, which makes CBD products under the Pura Vida Vitamins label, announced the deal Tuesday with Bedrock Group Holdings, a private equity firm with offices in London, Geneva and Monaco. The investment firm gets $5 million worth of preferred stock and the right to convert it to common stock at $1.60 a share.
A statement from Bedrock says that additional funding is possible in the future. Emerald Organic is Bedrock’s first investment in the hemp sector.
Emerald Organic says it will use the money to accelerate retail expansion and possibly acquire more CBD brands.
Emerald Organic trades on U.S. over-the-counter markets as EMOR.
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