NEWPORT BEACH, Calif., Aug. 20, 2020 /PRNewswire/ -- Kadenwood, LLC, a consumer seed-to-shelf CBD company dedicated to fostering trust and transparency in the mainstream wellness category, announced today the acquisition of EcoGen Laboratories, the leading global manufacturer and supplier of hemp-derived CBD materials and formulations. The deal effectively establishes Kadenwood as the largest supplier of vertically-integrated, hemp-derived cannabidiol (CBD) in the US, expanding the company's ability to scale production of its quality-driven CBD products.
EcoGen is the world's first large-scale manufacturer of hemp-based ingredients and raw materials, using sustainable farming practices to ensure quality CBD products are accessible to mainstream consumers. The company generated over $63M in revenue in 2019 through the sale of its CBD to private label brands and retailers and closed on $40M in private funding earlier this year to expand its global footprint.
The CBD industry is currently rebounding from the effects of the COVID-19 pandemic, with consumer demand steadily increasing. The acquisition allows EcoGen to take advantage of Kadenwood's distribution channels while leveraging the expertise and oversight of its executive leadership team. Backed by decades of branding and management experience in the consumer packaged goods space, Kadenwood is well-positioned to maximize EcoGen's business and lead this recovery while setting the standard for quality, safety and how to scale successfully.
"We're committed to improving not just our brand, but the perception of our industry overall, and that starts with ensuring consumers have access to quality CBD products they can trust," said Erick Dickens, CEO and Co-Founder of Kadenwood, LLC. "EcoGen has maintained a commitment to producing sustainable and consistent CBD and we're happy to bring them under the Kadenwood brand as we expand our offering of exceptionally pure CBD products that continue to set the industry's standard of quality."
In addition to investing capital, executive expertise and infrastructure support for EcoGen's operations in the Grand Valley, CO, region, Kadenwood has appointed its Chief Commercial Officer, Garrett Bain, and VP and General Manager, Jason Waggoner, to EcoGen's executive team. They will relocate to its Grand Junction, CO, headquarters and focus on strategically scaling the staff and business operations supporting EcoGen's sales, manufacturing and processing capabilities. EcoGen will sit under Kadewnood's agricultural vertical, Kadenwood Biosciences, and will be re-branded as EcoGen Biosciences as a wholly owned Kadenwood subsidiary.
The deal is the latest in Kadenwood's mission to elevate the CBD industry and bolster consumer confidence in the wellness category. Since its launch, Kadenwood has been working to bridge the gap between the high-growth CBD industry and institutional stakeholders. The company continues to redefine relationships between traditional farming operations, supply companies and mainstream consumer products brands, while ensuring industry leading quality standards are upheld.
Kadenwood offers consumers innovative ways to experience the benefits of CBD across a portfolio of personal care products under the LEVEL SELECT and Purity Organic brands. Its proprietary CBD is developed to the highest standards of quality and potency, without any THC (tetrahydrocannabinol), and created through Kadenwood's unique vertically-integrated, seed-to-shelf production technology.
About CBD CBD is a non-intoxicating cannabinoid found in cannabis. After tetrahydrocannabinol (THC), cannabidiol (CBD) is the second most abundant cannabinoid in the plant and is believed to have many potential therapeutic benefits, including anti-inflammatory, analgesic, anti-anxiety and seizure-suppressant properties.
About Kadenwood, LLC Founded in 2019, Kadenwood is a privately held consumer products lifestyle company relentlessly focused on shaping CBD into a trusted and safe mainstream wellness category. To drive this mission, Kadenwood is backed by decades of CPG marketing and category innovation expertise and industry-leading, vertically-integrated CBD farming to ensure quality CBD oil from seed-to-shelf that contains no THC. In 2019, Kadenwood launched its first branded products under LEVEL SELECT™ in personal care.
About EcoGen Laboratories EcoGen Laboratories (EcoGen) is the leading vertically-integrated manufacturer and supplier of hemp-derived specialty ingredients in North America. Using proprietary equipment, processes, and formulations, EcoGen has developed a broad range of the highest quality ingredients and customized formulations for a broad range of industries. Founded in 2016, EcoGen is the first seed-to-sale CBD manufacturer, known for manufacturing the purest CBD raw materials and finished products. The company is also a leader in international distribution with CBD isolate, water-soluble CBD (Nano), and THC-free CBD distillate. As the leader in hemp genetics, EcoGen promotes sustainable agriculture, using its proprietary processing and extraction technology to ensure the highest quality products at the lowest price making cannabinoids more accessible to the world.