Palmetto Harmony, a CBD oil company based in South Carolina, has announced that it is merging with RE Botanicals, Inc. (based in Colorado) in order to reach a wider market across the U.S.
Palmetto Harmony was founded in 2015 by a mom (Janel Ralph) who was desperate to find a solution that would give her daughter some relief from the seizures that she was having due to a genetic disorder she was born with.
Ralph reveals that from the time her daughter, Harmony, started taking CBD oil, there has been a 95 percent reduction in her epileptic seizures while the pharmaceuticals she takes have reduced by 90 percent.
With such a history, it is no wonder that Palmetto Harmony was founded to bring to the market high-quality organic CBD oil to help patients who found themselves in need of a remedy that pharmaceuticals are unable to provide.
On Tuesday, Janel Ralph announced that her company was merging with another premium product manufacturer in order to reach a larger market. She and John Roulac, the founder of RE Botanicals, met during a party to celebrate the passing of the 2018 Farm Bill.
The merger will give Palmetto Harmony access to a national market since RE Botanicals, Inc. has a presence in most of the West Coast markets. By the same token, RE Botanicals Inc. will benefit from the merger by accessing CBD oil for its manufacturing processes. This will result in reduced operational costs if the CBD oil is coming from a partner.
The announcement of the merger also states that the new entity will be called RE Botanicals, Inc., but the products that were made by the parent companies will not alter their branding or formulation.
Markets aside, the merger brings opportunities for the two entities to position the companies for growth, innovation and efficiencies in production.
Speaking about the merger, Ralph revealed that the industry has grown rapidly and there is a proliferation of companies both online and offline. Consolidation, through mergers and acquisitions, is therefore necessary for sustained growth in this highly competitive industry.
Ralph also predicts that there could be a drop in product prices once the Food and Drug Administration releases its draft final rules for the industry. Industry experts are uncertain whether other players like Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and Willow Biosciences Inc. (CSE: WLLW) share the same industry outlook as what is hinted at by the founder of Palmetto Harmony.
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