The facility was acquired to allow Socati to expand its manufacturing capabilities, allowing the company to scale production of finished cannabinoid-infused products including tinctures, topicals, stick packs, lotions, and salves. The facility will also allow for rapid development of unique products geared towards specific consumer use-cases, the press release states.
“Demand for USDA Organic CBD-infused products is evolving quickly and Socati is committed to empowering its customers as they seek to create next-generation products that meet their customer’s needs,” said Jordan Greenberg, CEO of Yooma Wellness, in the press release. “We’re excited to welcome a new team and further advance our production capabilities by combining our market-leading USDA Organic oil extracts with market-leading USDA Organic end-product certification.
The location will provide specialist equipment and 14,000 square feet of manufacturing space, as well as a team with decades of experience in formulation and manufacturing nutraceutical and finished goods.
Related: “The era of CBD prohibition in California is over” as Newsom Signs Bill 2021 Phytocannabinoids Market Update: Troubleshooting & Trendspotting Radicle Science, Open Book Extracts Ally to Develop Science-Backed CBD Products“This acquisition will allow both Yooma and Socati to continue their missions to build a global CBD and wellness platform and provide us with valuable opportunities for future expansion,” said Lorne Abony, Chairman of Yooma. “Both the manufacturing facility and team we are acquiring will give us immediate strategic value and additional expertise in the CBD space, and will allow us to increase our presence in the United States as well as achieve vertical integration by adding downstream manufacturing capabilities to Socati.”