In Latest CBD Deal, Cronos Plans $300M Lord Jones Acquisition

Cronos Group Inc. is buying the parent company of Lord Jones for $300 million. Lord Jones, founded by retail veteran Cindy Capobianco and her husband, Robert Rosenheck, makes and sells hemp-derived cannabidiol-infused skin-care and edible products. The duo founded the business in California and originally sold products with THC, too, but eventually transitioned into a CBD-only business. Both Capobianco and Rosenheck will stay on with the brand, according to a statement from Cronos. The deal is expected to close in the third quarter. “Rob and Cindy have built a differentiated, best-in-class platform with hemp-based CBD formulations that stand for quality and consistency. Our goal is to preserve the integrity of all Rob and Cindy have created, while also learning from them and leveraging Cronos Group’s resources to capitalize on the significant demand for skincare and other consumer products derived from hemp,” said Mike Gorenstein, Cronos chairman, president and chief executive officer, in a statement. The deal, which is made up of cash and stock, is just the latest in the CBD acquisition space. Earlier this year, Canopy Growth acquired This Works, a wellness brand that makes things like Deep Sleep Pillow Spray and Skin Deep Dry Leg Oil, with plans to infuse CBD products into

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