The merger is subject to customary conditions as well as the passage of the Agricultural and Nutrition Act of 2018, commonly referred to as the 2018 Farm Bill, and similar legislation in the U.S., which when approved, will declassify cannabidiol as a controlled substance under federal law. North Carolina-based Cure Based Development was founded in August 2017 and currently offers gummies, tinctures, topical, bath bombs, oils and pet products containing cannabidiol. The brand operates an e-commerce site and its products are distributed at 700 stores in 40 states.
“With the passage of the 2018 Farm Bill, CBD will no longer be listed as a Schedule 1 controlled substance, which we believe will open the access to national retailers
Following the closing, Cure Based Development will operate under the Level Brands umbrella. Scott Coffman, the chief executive officer of Cure Based Development, and Caryn Dunayer, its president, will continue in similar positions within the cbdMD LLC subsidiary. Following the closing, Coffman will also join Level Brands’ board of directors. Coffman founded Ecig Company Blu in 2009.
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