Prima Acquires Prospect Farms, Forms Uplifter Brands
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CBD brand Prima has acquired Maine-based Prospect Farms, one of the largest hemp farms in the U.S.
The newly formed company will be known as Uplifter Brands, and include a number of clean brands across personal care, supplements, spa and hospitality and pet wellness.
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Prima’s Laurel Angelica Myers and Prospect Farms’ Brad Tipper will lead Uplifter Brands as co-chief executive officers, while Prima founder Christopher Gavigan, previous cofounder and chief product officer of The Honest Company, will be executive chairman. Financial terms of the deal were not disclosed.
With more than 250 acres of regenerative cultivation, the farm holds a greenhouse, pharmaceutical-grade filing system, and on-site lab formulation and fulfillment to fuel growth for Uplifter Brands, as well as uphold and expand the portfolio’s standards for sourcing and sustainability, the newly formed company said.
“At a time when many of our competitors are shutting down, consolidating or moving away from cannabinoids altogether, we’re doubling down on the ingredient and its vast therapeutic benefits,” Myers explained. “With the acquisition of a USDA-certified organic hemp farm and an even bigger plan to lead the wellness category with the cleanest, science-backed botanical therapeutic products, we can’t wait to share what’s coming next.”
For his part, Tipper added: “We’re thrilled to join Prima and partner closely with their team of proven consumer products experts to build Uplifter Brands. Our house of purpose-driven brands, underpinned by an unwavering commitment to sourcing, science and standards, will lead the wellness category.”
As well as on its own site, Prima’s products are sold at Sephora, The Vitamin Shoppe and other retailers. They include skin care, such as Night Magic Restorative Face Oil and The Afterglow Deep Moisturizing Cream, as well as CBD supplements.
Prospect Farms’ current product offering includes tinctures and topical products, while the pet line includes products designed to improve mood and mobility.
Uplifter Brands’ next brand, launching early 2023, will target the pet health category, with actress, model and advocate Brooke Shields as the chief brand officer.
It was announced in March, prior to the acquisition, that Shields had joined Prospect Farms as a chief brand officer and been appointed to the board of directors.
“We are building, starting and igniting a relationship with Brooke Shields, as an ambassador, as a powerful brand voice, as a person who has equal amounts a platform and a position to influence and create a conversation,” Gavigan said.
Notable investors in Uplifter Brands include Maximalist, Greycroft, Lerer Hippeau, Global Founders Capital, Ropart Asset Management and Platform Ventures.
