Cannabis firm Cronos buying part of Redwood's CBD-infused skincare units
Canadian cannabis company Cronos Group Inc.
said Friday it has agreed to acquire four units of Redwood Holding Group LLC, a maker of hemp-derived CBD-infused skincare and other products, for $300 million in stock and cash. Redwood was co-founded in 2017 by Robert Rosenheck and Cindy Capobianco, who will join Cronos and continue to lead their platform. Under the terms of the agreement, Cronos will pay $225 million in cash and the balance in newly issued stock. It will fund the cash portion of the deal with cash in hand.
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