CBD

California’s newly signed Assembly Bill 45 establishes a regulatory framework governing the manufacture and sale of products containing CBD.

Gregory Reeder will succeed Medterra’s founder, Jay Hartenbach, as CEO of the Irvine, Calif.-based brand, with Hartenbach moving into a new chief innovation officer role.

The three varieties of need-focused gummies are rolling out to the company’s retail partners this month.

The sugar- and caffeine-free drink mixes use cbdMD’s nano-encapsulated technology to enable fast, water-soluble absorption of CBD, according to the company.

The Ontario-based company is launching Qautreauin the United States following the successful 2020 rollout of the sparkling waters in Canada, where it is now the top-selling ready-to-drink CBD beverage.

Valens is paying $40 million in cash and stock upfront for Green Roads, with an additional $20 million milestone payment available once the business achieves certain financial milestones. 

Overall revenue for the CBD company grew by 9%, largely driven by its direct-to-consumer division, which saw e-commerce sales up 14.5% year over year.

For the fourth quarter, the company reported $26.9 million in revenue — a 17.9% increase over the prior-year period. For the full year, total revenue for the company was $95.2 million, up from $94.6 million in 2019.