A CBD manufacturer in Vermont is changing its name and plans to double its hemp acreage to 100 acres next year after selling a $7 million stake to a North Carolina venture capital firm.
Hardwick, Vermont-based Green Mountain CBD will change its name to SunSoil CBD in 2019, VTDigger reported.
The company sold a minority stake to One Better Ventures, a Raleigh, North Carolina-based venture capital firm that includes former executives from Burt’s Bees and Seventh Generation consumer brands, according to the Montpelier-based news outlet.
Exact terms of the deal were not disclosed, but NC Business News Wire reported that 29 investors were involved.
The manufacturer plans to double its hemp-growing area next year to 100 acres, all in Hardwick and Hyde Park, VTDigger reported.
In addition, Green Mountain CBD co-founder Alejandro Bergad said that part of the investment will be used to purchase 300 acres to grow more hemp, perhaps in Vermont’s Champlain Valley, which would see its first crop planted in the spring of 2020.
Bergad said his company will likely move its CBD-capsule manufacturing operation to the Champlain Valley as well.