London CBD firm makes second US acquisition in global expansion plans

A London CBD firm has announced that it is further expanding overseas with its acquisition of an American manufacturer.

Tenacious Labs, which is a buy-and-build cannabinoid group, has confirmed that it has completed the acquisition of Colorado contract manufacturer SZM in a cash and shares deal.

The acquisition of the 20-employee-strong brand follows the group’s first acquisition, which was fellow Colorado company Press Pause in April 2021.

SZM supplies B2B customers with hemp-derived, cannabinoid-infused products, and is responsible for the formulation, production and packaging of products in house, including edibles, soft gels, pet products and beverages.

Nicholas Morland, CEO and co-founder of Tenacious Labs, commented: “This is another important step in Tenacious Labs’ strategy to become the leading consumer-centric cannabinoid group in the world.

“This acquisition enables Tenacious Labs to not only ramp up its production capability but also adds industry-leading expertise in product quality, regulation, marketing, and new product development.”

Adrian Clarke, chief commercial officer and co-founder of Tenacious Labs, said: “I’m delighted to welcome Zac, Michel and the team at SZM LLC to Tenacious Labs.

“With this, our second acquisition, we’ve significantly strengthened our North American operations to include a world class production facility, which will help support our ambitious global growth strategy.

“We continue to see significant potential for further acquisitions as we execute our ambitious strategy and are actively appraising a number of further opportunities that will strengthen our position, increase our scale and integrate industry-leading expertise into the group.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →