Certified organic CBD brand RE Botanicals has closed a seed funding round of $2 million to expand production, product launches, retail distribution, and marketing efforts, the company reported in a press release today.
Half of the funding comes by way of BIGR Ventures, a growth equity fund focused on natural and organic products founded by Carole Buyers, Duane Primozich, and Bill Weiland.
“BIGR Ventures is inspired to partner with RE Botanicals, as the company is uniquely positioned around heritage, credibility and experience," Buyers said in a statement. “We are elated to partner with a brand that exemplifies such balance and purpose.”
RE Botanicals is founded by industry veteran John Roulac, who brought the leading superfood brand Nutiva to market more than a decade ago.
"We founded RE Botanicals on the belief that people are ready to support organic hemp CBD products that are carefully crafted and processed with trusted ingredients,” Roulac said in a statement. “We are at a critical time in the history of hemp and are excited to partner with BIGR Ventures.”
CBD (cannabidiol) is cannabis- or hemp-derived non-psychoactive compound found to bring relief from chronic pain, anxiety, inflammation, and may even be effective in reducing seizures related to epilepsy or Dravet syndrome.
The 2018 Farm Bill recently legalized hemp and CBD -- which had been classified under federal drug laws because of the THC-containing sister plant, marijuana.
With industrial hemp now legal, a growing number of companies are seizing on the opportunities within the emergent market. Leading drug store chains Walgreens and CVS both recently announced the addition of topical CBD products to their stores and lifestyle guru Martha Stewart will be releasing a line of CBD-infused products for pets.
RE Botanicals currently offers a range of hemp CBD products including tinctures, body oil, and organic coconut capsules.
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