Here’s another big win for a Knoxville start-up.
Blühen Botanicals, a Knoxville-based hemp cannabidiol (CBD) company, announced yesterday that Corporation is making a $30.6 million investment as part of SOL Global Investments’ plan to diversify into hemp-related businesses through HeavenlyRx Holdings.
The investment gives the local start-up the financial and organizational platform to pursue its product roll-out strategy across the U.S. and globally. Market research firm Brightfield Group predicts that the CBD industry will be worth $22 billion by 2022.
“This investment from SOL Global, one of the biggest players in the global cannabis and hemp ecosystem, gives us the firepower to accelerate our growth strategy and take advantage of the significant opportunities we see right now in the United States and around the world,” said Joe Fox, Blühen Botanicals’ Co-Founder and Chief Executive Officer. “The SOL Global team sees Blühen as a critical element in their aggressive CBD market expansion plans. Their investment in our vision provides us the confidence and capital to empower our success and longevity.”
Click here to read a full release on yesterday’s announcement.
Blühen’s announcement follows several other big investments in Knoxville area start-ups including Cubic Corporation’s acquisition of the West Knoxville-based GRIDSMART Technologies Inc. for approximately $87 million (see our teknovation.biz post here), Clovis Point Capital LLC’s significant investment in Cirrus Insight (see our article here), and Domtar Corporation’s 2018 acquisition of a majority interest in Prisma Renewable Composites LLC, the Knoxville-based spin-off of TennEra LLC (click here for that article).