Canadian court clears Abacus acquisition by Charlotte’s Web
The acquisition of Abacus Health Products by Charlotte’s Web has cleared its biggest hurdle. The companies have received a final order from Ontario’s Superior Court of Justice approving the proposed acquisition.
With the approval, the companies expect the deal — for which Charlotte’s Web is paying a total equity consideration of $99 million in stock to Abacus shareholders — to close on or about June 11.
Once the acquisition closes, Charlotte’s Web — one of the CBD space’s pioneering companies — will have a nearly 35% share of food, drug and mass CBD sales.