Green Thumb Industries Inc. (OTCQX: GTBIF) is acquiring For Success Holding Company, the owner of Los Angeles-based Beboe branded cannabis products for an undisclosed amount that will be paid in GTI stock.
Beboe is known as a premium brand for its high-end packaging including its iconic rose gold vaporizer pens. The products are available in more than 125 California and Colorado retail locations and via home delivery across California.
“We believe authentic brands distributed at scale is the key to winning in this industry and we’ve built the national infrastructure to produce and distribute high-quality products across the country,” said GTI Founder and Chief Executive Officer Ben Kovler. “The meticulously crafted suite of Beboe products supports the premium segment within GTI’s brand portfolio and is firmly aligned with our long-term growth strategy. Beboe has an extremely talented team, a robust innovation pipeline, and an aligned vision for what cannabis can mean for enhancing everyday life, not only for today but importantly for tomorrow’s cannabis consumer.”
Beboe was co-founded by celebrity tattoo artist Scott Campbell and is a tribute to Campbell’s beloved grandmother Beboe who alleviated the cancer symptoms of Campbell’s mother by baking marijuana-infused brownies. The other co-founder is Clement Kwan who has a long history in executive roles across the fashion industry. He has been integral to the growth and success of luxury brands such as Theory, Diesel and Dolce & Gabbana. In 2012, Clement took on the role of President, heading the U.S. business of YOOX Group.
“In appreciation of all my grandmother did to bring warmth and love into our house, we started Beboe to offer the same sense of care and possibility for people like myself, high-functioning adults, who don’t have the patience for anything less than the best possible experience,” said Campbell. “Having seen the entire landscape of this industry, I truly believe in GTI. We’ve sat down in countless conference rooms of cannabis operations and funds, and it’s disheartening how many people in the space are operating with a slash and burn mentality. Rapid growth at all costs with little regard to the sustainability of growth or respect of existing cannabis culture. GTI has the resources and intent to lead the growth of the cannabis industry in a way that celebrates the plant and the irreversible culture shift that it has inspired.”
Beboe recently launched a direct-to-consumer hemp-derived CBD line of products and has launched several collaborations, including a CBD-infused drink with wellness brand Dirty Lemon. Beboe products will expand beyond California and Colorado with distribution in select GTI markets.
Kwan added, “We aligned with GTI because we agree with their strategies and philosophies. We believe cannabis enhances the quality of life, and to be able to improve the lives of more people with Beboe’s introduction into additional stores and new markets is extremely gratifying. With the support of GTI, we will waste no time in growing Beboe brands’ availability and to help define cannabis’ place in American culture.”