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No dopes: Fiji Kava teams up with US cannabis oil provider

Business

Brisbane-based Fiji Kava has struck a $A790,000 deal to buy US based The Whole Plant Company which produces cannabidoil (CBD) products.

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Cannabidiol is an active ingredient in cannabis and an essential component of medical marijuana, but does not cause a “high” by itself.

The Whole Plant Company trades as Danodan Hempworks and sells what it calls CBD tincture products through wellness stores.

The deal will mean that Fiji Kava can operate as an active business in the US rather than selling exclusively through Amazon or in business-to-business marketing of ingredients.

Fiji Kava said the deal was part of its strategy to expand product lines and acquisitions in the health and wellness sector. There may also be an opportunity to combine the products.

Chief executive Anthony Noble said Fiji Kava would operate in the US as The Calmer Co and would be gathering “like-minded” brands aimed at reducing anxiety and promote relaxation.

He said the global CBD market was worth more than $US2.8 billion.

“We will soon be determining if Danodan’s patented technology can be applied to Noble Fijian Kava,” he said.

The deal is at the letter-of-intent stage and is based on cash of $US235,000 for the assets and $US350,000 for the patent.

 

 

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