California CBD extraction company sells for $50 million

California CBD extraction company sells for $50 million

Gibraltar Industries, a diverse manufacturing company based in Buffalo, New York, paid $50 million for the assets of Delta Separation, an ethanol-based extraction company that supplies the CBD industry.

Delta Separations, headquartered in Santa Rosa, California, sells directly to hemp, marijuana and biomass processors.

The buyers of Delta’s materials produce botanical oil extracts for numerous consumer products, according to a filing with the U.S. Securities and Exchange Commission.

Gibraltar’s acquisition of Delta – a privately held company with 2019 revenues of $46 million – was first reported by New Cannabis Ventures.

Delta is the second company in the extraction space acquired by Gibraltar. Last October, Gibraltar purchased Ohio-based C02 extraction equipment company Apeks Supercritical for $12.6 million.

Published at Wed, 19 Feb 2020 23:16:14 +0000

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