ALLEGAN, MI (WHTC-AM/FM) – Perrigo is stepping into the CBD market.
The generic pharmaceutical company that is incorporated in Ireland but has its operational base in Allegan announced on Wednesday a partnership with Colorado-based Kazmira to produce “high-quality, hemp-based (cannabidiol products) that are free of tetrahydrocannabinol (THC-free).
“This partnership consists of a two-phased, science-based approach,” the statement by Perrigo officials continued, focusing on, “large scale production and supply of current Good Manufacturing Processes compliant THC-free CBD, and utilizing THC-free hemp-based CBD supply for Perrigo to launch products globally, with an exclusive supply agreement for the US store brand market.”
In addition, Perrigo will acquire about a 20 percent stake in Kazmira for $50 million, with $15 million paid when the transaction is finalized, and the remainder within 18 months after that date.
There was no word from the two companies when the first such products from this partnership would reach store shelves.
