SOL Global’s new venture will add cannabis beauty
SOL Global got its start in 2005 and was until 2018 known as Scythian Biosciences Corp. Based in Toronto, Ontario, Canada, the firm takes a “comprehensive approach that is positioning SOL Global as a future frontrunner in the United States' medical cannabis industry,” according to this week’s media release.
An international hemp-focused subsidiary
SOL Global has created a new subsidiary its calling Heavenly Rx For now the subsidiary will invest in cultivation, processing, and manufacturing the sorts of CBD products already on the market: “oils, tinctures, balms, and vape-ready products,” as the release describes it.
“Heavenly Rx directly supports SOL Global's continued hemp and CBD strategy in the U.S. and international markets and will serve as a critical launchpad for our hemp-related investment initiatives as hemp and related cannabinoid regulations continue to become more liberalized around the world,” Brady Cobb, CEO of SOL Global, tells the press.
“SOL Global's executive team has been at the very forefront of regulatory reform both in the United States and internationally,” says Cobb, “and we couldn't be more excited to continue to build upon and execute our already robust long-term strategy for the global hemp/CBD industry.”
Adding consumer beauty, body, and bath
Heavenly Rx also plans to include cosmetics and personal care in its portfolio of consumer products brands (which will also contain pet products and so-called infused foods).
"We are launching Heavenly Rx with the aim of acquiring a portfolio of battle-tested and proven hemp/CBD companies while also acquiring certain unique brands for which we believe CBD and hemp-infused products could drastically change their growth,” explains Andy DeFrancesco, chief investment officer at SOL Group.
“We are more bullish than ever about the future of the hemp and CBD industries globally,” asserts DeFrancesco; “And Heavenly Rx,” he says, “will without a doubt be the vertically integrated leader in the space. Heavenly Rx is not simply an investment company, but rather a laser focused global Hemp and CBD company only for all operations under the Heavenly Rx banner.”
A bigger agenda
SOL Global is like many firms and companies in the cannabis beauty space looking beyond the industry and towards the medical cannabis industry.
In this instance Heavenly Rx is acquiring 50.1% interest in Blühen Botanicals, an industrial hemp growing and processing company in Tennessee. And as that company’s co-founder and CEO Joe Fox explains, “Heavenly Rx's investment enables us to exponentially scale our existing high-throughput capabilities while maintaining our commitment to providing the highest quality, pharmaceutical grade products on the market.”
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Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.
