Perrigo investment expedites Kazmira’s scale up of production and supply of its THC-free hemp-based CBD
Enables Perrigo to utilize Kazmira’s broad-spectrum THC-free CBD to launch products globally, with exclusive supply agreement for the U.S. store brand market
Marks Kazmira’s entrance into mass retail marketing of its Cannabinoid product portfolio, uniquely produced from highly concentrated THC-free oils using its proprietary technology platform
Watkins, Colorado – June 17, 2020 – Kazmira LLC, a leading supplier of hemp-based CBD products that are free of tetrahydrocannabinol (“THC-free”), announced today it has closed a strategic investment from Perrigo Company plc (NYSE; TASE: PRGO). As part of that investment, Kazmira has entered into a long term supply agreement with Perrigo. In collaboration with Perrigo, the investment of $50 million will be applied to scale up Kazmira’s facilities and laboratories, proactively engage with regulatory authorities, further develop Kazmira’s product portfolio, extend Kazmira’s reach into retail mass markets, and enhance Kazmira’s strong management and technical teams.
Kazmira Co-CEO Dr. Priyanka Sharma commented, “We are proud to launch a strategic relationship with Perrigo, the industry leader in delivering safe and effective OTC self-care products. As we continue to grow our business, we look forward to leveraging Perrigo’s regulatory and manufacturing expertise in concert with Kazmira’s proprietary technology for large-scale biomass processing and our established reputation for producing and marketing the highest quality THC-free CBD products.”
Kazmira Co-CEO Pulak Sharma said, “This transformational partnership between Kazmira and Perrigo will accelerate expansion and improvements of our proprietary manufacturing technology, and bolster our investments in Cannabinoid science, consumer education, and regulatory advancement as we move to solidify our position as the best in class Cannabinoid company.”
Perrigo CEO and President Murray S. Kessler commented, “Science-based natural products are one of Perrigo’s 5 core growth pillars and THC-free CBD products fit perfectly into our self-care strategy.
Consumers and retail customers want CBD products and we believe they deserve a reliable source of broad-spectrum, THC-free CBD they can depend on. Whether it is the specific concentration of CBD or a THC-free claim, consumers must be able to trust statements made on the label of a product and we believe Perrigo can provide this to the marketplace. We are excited to partner with the team at Kazmira, who share our passion for developing a science-based, regulatory approach to unlock the full potential of this emerging industry. This collaboration offers a great opportunity to enhance profitable growth for our shareholders over the long-term.”
In addition to a long-term supply agreement, Perrigo will acquire an approximate 20% equity stake in Kazmira for $50 million with $15 million paid upon close of the transaction and the balance within 18 months. First Analysis Securities Corporation served as financial advisor in connection with the transaction.
About Kazmira LLC
Kazmira LLC is an industrial scale producer of high purity, THC-free, broad-spectrum CBD oil and THC-free CBD isolate from American-grown ground industrial hemp. The company produces highly concentrated THC-free oils using a proprietary technology platform that enables the supply of products that are free of THC, pesticides, solvent residues and heavy metals. Kazmira has demonstrated an ability to design innovative products and processes that are tailored to meet consumer self-care demands while being well-positioned for success in an evolving regulatory environment, and Kazmira’s CBD oils are a significant source to some of the most prominent CBD branded products available to consumers. The proprietary technology platform used by Kazmira allows it to separately produce other minor non-psychoactive Cannabinoids present in industrial hemp and in that regard, Kazmira has recently implemented a production line capable of producing CBC in commercial quantities. Visit Kazmira online at https://www.kazmira-llc.com/.
About Perrigo Company plc
Perrigo Company plc (NYSE; TASE: PRGO) is dedicated to making lives better by bringing Quality, Affordable Self-Care Products that consumers trust everywhere they are sold. Perrigo is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed.
Pulak Sharma, Co-CEO
Kazmira Office: (720) 531-1634
Email: [email protected]