All outstanding proportionate voting shares of Abacus were converted into subordinate voting shares, the press release says. Holders of Abacus shares received 0.85 of a common share of Charlotte’s Web for each Abacus Share held at the time of closing.
Perry Antelman, CEO of Abacus since 2016, will join Charlotte’s Web as Executive Vice President and President of Topicals. The move is effective immediately.
Related: Save a Pet, Score Free CBD from Charlotte’s Web Chr. Hansen Acquires UAS Labs Nestlé Health Science Acquires Majority Stake in Vital ProteinsCombined, the two companies distribute to more than 21,000 unique retail locations, the press release says. Recently, Charlotte’s Web added 1,100 new drug stores and more than 700 pet stores, and Abacus added more than 5,000 retail doors. The companies have limited shelf overlap.
"The addition of Abacus Health cements a market leading position in both topical and ingestible products in the CBD category, representing approximately 33% market share of the U.S. CBD food/drug/mass retail channel," said Deanie Elsner, CEO of Charlotte's Web, in the press release. "We thank the founders and team members of both Charlotte's Web and Abacus for their vision and hard work to build our respective vital brands. We are now one dynamic team and mission-driven company."