Branded Legacy, maker of CBD- and hemp-infused drinks and personal care products, has made an acquisition that will create a private label division. The Longwood, Fla.-based company has acquired Versatile Industries, which works to combine the buying power of multiple companies to help them enter the hemp and CBD space.
Branded Legacy said it saw opportunity in the private-label CBD and hemp space. CBD products brought in $5 billion in 2019, according to numbers from LoudCloud Health.
"As the private label opportunity presented itself, we started doing some research and figuring out what was the best move for the company,” said Branded Legacy CEO Ryan Medico. “We spent the last year formulating and perfecting our ready-to-drink CBD Coffees and Teas catching the attention of our competition. Elev8 Hemp has been approached several times to private label these CBD beverages and we are currently working on our first deal which would bring over six figures in revenue on the first order.”
As it begins to position its Elev8 Hemp brand for private label, the Branded Legacy has been overhauling its CBD iced teas, introducing sturdier bottles and changing its formula to use a higher quality of tea, plus altering the method of CBD suspension. Elev8 also has been updating the formula for its CBD-infused iced coffees.
"The formula change for our CBD iced coffees will hit the market later this year. There has been a complete overhaul of its flavor profile. Its packaging will match that of our CBD infused teas creating flow amongst product lines. We are extremely excited for this change and we feel it will quickly become one of our highest grossing products."