CbdMD looks to buy DirectCBDOnlline.com
An online CBD marketplace is set to join the cbdMD portfolio. The Charlotte, N.C.-based CBD companies has entered into a letter of intent to buy CBD e-commerce site DirectCBDOnline.com from Twenty Two Capital.
“Owning a CBD online marketplace that sells various CBD brands provides unique transparency to better understand consumer spending habits and trends across the wider CBD and hemp marketplace,” cbdMD co-CEO Martin Sumichrast said. “In addition, the technology and digital strength that DirectCBDOnline.com owns enhance our overall direct to consumer e-commerce capabilities.”
Sumichrast said the team from DirectCBDOnline.com would be joining cbdMD, with co-founders John Wiesehan III and Brad Trawick set to play key roles as the company expands further. Once the transaction is complete, Wiesehan will assume the newly created role of chief revenue officer.
CbdMD is well-positioned to increase its market share in the rapidly growing CBD industry. By folding in our team from DirectCBDOnline.com, we strengthen the foundation that cbdMD has built,” Wiesehan said.
The company said it expects the deal to close by July 31, subject to customary closing conditions.
