Denver-based CBx Sciences announced it is acquiring the rights to Evolab’s cannabis brands and product development platform. The company hopes that the move will help it further expand into a global legal cannabis market, one that could be worth more than four times what it’s valued at today.
“CBx Sciences was founded with the goal of advancing the global cannabis industry by creating the most effective products, formulations and technology platforms,” explained CBx Sciences CEO Nicole Smith in a statement. “This arrangement will allow us to bring Evolab’s tried and true, production-level extraction, purification, and manufacturing technology to our partners across the rapidly expanding global cannabis ecosystem.”
As part of the announcement, Evolab will manufacture all of CBx Sciences topical, inhalation and edible products in Colorado for distribution in medical and recreational outlets.
Evolab has a number of products and intellectual property that CBx appears excited about acquiring, noting its extraction, distillation, purification, and manufacturing solutions are “unrivaled in the cannabis industry and will be the cornerstone of many of CBx Sciences’ initial projects.”
The company’s product lines include Chroma, Alchemy, COLORS, and FreshTerps, all of which have reputations “as some of the most innovative cannabis products in the legal market,” according to the company.
Evolab’s products differ from others in the marketplace in that the company produces what it calls “exceptionally pure oils,” but does not use any cutting agents. The company noted its proprietary technology allows them “to preserve the compounds of the whole plant because we know it takes all the elements in cannabis to make THC great.”
In addition to these products, CBx Sciences sells skin repair, body oil and a host of lifestyle products, including t-shirts, water bottles, and other fitness-related apparel.
The legal cannabis-infused products industry is expected to grow by more than three-fold over the next four years, topping $20 billion by 2021, according to data compiled by BDS Analytics. Separately, Brightfield Group, a cannabis investment research firm, puts the international market for cannabis-related products at an expected $31.4 billion by 2021, up from $7.7 billion today.