SOL Global creates international hemp subsidiary to initially focus on traditional range of CBD products

SOL Global Investments Corp. has formed an international hemp-focused subsidiary, Heavenly Rx Ltd., the intention of which is to hold controlling ownership interests in various leading assets in the hemp/CBD and THC-free cannabinoid wellness space.

The initial focus of Heavenly Rx will be “hemp cultivation, processing and the manufacturing of a diverse range of traditional CBD products, including oils, tinctures, balms and vape-ready products,” reports SOL Global Investments.

 

 

“Heavenly Rx intends to include several proprietary brands across numerous consumer product group verticals such as cosmetics and beauty products, bath and body products, infused foods (subject to governmental approvals and/or compliance) and a number of pet-related products,” adds the international investment company with a focus on, but not limited to, cannabis and cannabis-related companies in legal U.S. states, the hemp and CBD marketplaces and the emerging European cannabis and hemp marketplaces.

“Heavenly Rx directly supports SOL Global’s continued hemp and CBD strategy in the U.S. and international markets, and will serve as a critical launch pad for our hemp-related investment initiatives as hemp and related cannabinoid regulations continue to become more liberalized around the world,” comments Brady Cobb, CEO of SOL Global.

“We are launching Heavenly Rx with the aim of acquiring a portfolio of battle-tested and proven hemp/CBD companies, while also acquiring certain unique brands for which we believe CBD and hemp-infused products could drastically change their growth,” adds SOL’s chief investment officer, Andy DeFrancesco. “We are more bullish than ever about the future of the hemp and CBD industries globally,” DeFrancesco says.

 

 

“SOL Global intends to announce numerous hemp and CBD-related investments in various assets across the globe, all of which will be assigned to Heavenly Rx,” the company statement points out.

Among Heavenly Rx’s first strategic assets in the hemp industry is its investment in Knoxville, Tenn.-based Blühen Botanicals LLC, a biomass processing and extraction company. In a binding letter of intent, Heavenly Rx will invest US$30.6 million in Blühen, “which will allow the company to expand its research and engineering teams as well as focus on the development and expansion of its retail operations,” the statement notes.

Specifically, Heavenly Rx will acquire 50.1 percent of the membership interests of Blühen Botanicals; Blühen’s Board of Directors of will consist of seven individuals, three of which will be nominated by Heavenly Rx; and Joe Fox, co-founder and CEO of Blühen Botanicals, will become a member of Heavenly Rx’s executive team.

 

 

With a pharmaceutical-grade hemp research facility, “Blühen also produces its own proprietary blend of wellness boutique products, such as full-spectrum hemp extract tinctures, capsules, creams, 100 percent THC-free hemp isolate, pet treats, pet care products and oils,” the press release adds.

“We have the largest network of expert farmers in the state of Tennessee who are growing hemp organically, and now, we’re empowered to scale our existing facilities faster, expand our farming network wider, and implement the highest international regulatory standards across the board,” Fox suggests.

As it stands, the plan is that Blühen will open its flagship retail location in Knoxville in May 2019 and open a second retail location in Fort Lauderdale later in 2019.

 

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