KNOXVILLE, Tenn.–(BUSINESS WIRE)–Blühen Botanicals, a Tennessee-based hemp cannabidiol (CBD) company, announced today that international cannabis business SOL Global Investments Corp. (CSE: SOL) (Frankfurt: 9SB) (OTCQB: SOLCF) is making a $30.6 million investment in Blühen as part of its plan to diversify into hemp-related businesses through HeavenlyRx Holdings.
The investment gives the Knoxville-headquartered company the financial and organizational platform to pursue its product rollout strategy across the United States and around the world. 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 CEO. “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.”