CV Sciences, a consumer wellness company specialising in hemp extracts and other natural ingredients, has acquired plant-based food company Cultured Foods.

Cultured Foods produces a range of vegan products, currently sold in 15 European countries, with its base of operations in Warsaw, Poland. CV Sciences has purchased the business for a total consideration of up to $535,000.

According to CV Sciences, which is headquartered in San Diego, California, the acquisition will create opportunities for the importation of these speciality foods to the US as well as establishing a European base of operations for the sale and distribution of CV Sciences’ +PlusCBD products.

The company said it will also enable it to transition to a ‘more diverse’ global health and wellness company. The acquisition was structured as an equity purchase, where CV Sciences will operate Cultured Foods as its wholly-owned subsidiary.

Cultured Foods’ founder, Barbara McWhorter, will continue as general manager of the European manufacturing and distribution business following the closing of the transaction.

Joseph Dowling, CEO of CV Sciences, commented: “The global vegan food market is expected to grow five times by 2030, with millennials and flexitarians as the driving force behind soaring vegan food sales”.

Dowling added that the acquisition synergies will allow the company to leverage key assets including B2B expertise to drive long-term growth and shareholder value.

“Our immediate plan is to leverage our B2B distribution network and bring convenient and sustainable plant-based foods into the US natural product channel while working with Cultured Foods to grow their business in the European market,” he said.

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