Hemp-derived health products maker Vertical Wellness Inc said on Wednesday it was buying California-based sweet maker The Organic Candy Factory, creating a cannabis-infused edibles maker worth around $110 million.
Pot edibles, especially gummy bears, brownies and drinks, have been the biggest beneficiaries of a demand windfall for cannabis-related companies this year, as consumers locked down under coronavirus restrictions spent more on their products.
The Organic Candy Factory does not currently make any pot-infused candies, but it will now expand into cannabidiol (CBD) variants and become a key revenue driver for the combined company, a Vertical Wellness spokesman told an international news agency on Wednesday.