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Together with Abacus, Gronkowski will launch a complementary health and wellness line of CBD products in early 2020. These CBD products will be developed with Gronkowski’s first-hand insights on pain management and recovery combined with Abacus’s 15 years of pharmaceutical experience specializing in natural solutions. The new Gronk-inspired products will continue to meet the high quality standards of Abacus—using U.S. sourced broad-spectrum, CBD-rich hemp oil that does not contain THC, and therefore, is not psychoactive.

"We’re proud to partner with one of the NFL’s greatest tight ends of all time," said Abacus CEO Perry Antelman . "Gronk’s passion for living life to the fullest while maintaining a healthy, natural, and pain-free lifestyle aligns perfectly with the mission of our company. Abacus is focused on providing safe, natural, and effective relief for millions of Americans in need of recovery."

About CBDMEDIC
Launched in 2019, CBDMEDIC offers a line of topical pain medications that combine naturally-derived pain-relieving active OTC drug ingredients with 100% natural emollients (skin softening ingredients), essential oils, and broad spectrum THC-free, CBD-rich hemp oil to create unique formulations that work with the body for fast, effective, and targeted pain relief.

"I’m excited to start a new chapter of my career as an advocate for recovery and an investor and partner with Abacus — a company that I truly believe in," Gronkowski said. "During my football career, I pushed myself while recovering from nine surgeries and countless injuries. I was in near constant pain and needed to make a change. After retiring, I looked for better and more natural ways to recover and discovered CBDMEDIC through my dad. These products have helped me safely manage pain better than anything else I’ve tried. There is an incredible opportunity to educate people on healthier ways to recover and I’m looking forward to introducing new products with Abacus in the hope of helping millions of Americans balance their active lifestyles with healthy recovery."

The forward-looking statements contained in this news release are based on management’s current expectations and are subject to a number of risks, uncertainties and assumptions, including assumptions regarding the Company’s ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward-looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under "Risk Factors" in the Company’s listing statement – Form 2A dated January 29, 2019 , which is available under the Company’s SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The merger will create the world’s largest vertically integrated hemp-derived CBD company that owns 35 percent of the CBD market, the two companies said.

Under the agreement, Abacus shareholders will receive 0.85 of common share of Charlotte’s Web for each Abacus Share held. The exchange ratio represents a 38 percent premium of Abacus’s weighted-average trading price on the Canadian Securities Exchange.

“The complementary strengths of our relative market positions made this merger a logical strategic move. With this acquisition we strengthen the business to reflect the evolution of the category,” Charlotte’s Web CEO Deanie Elsner said in a statement. “Together we are the most developed CBD company across every channel and segment and positioned to accelerate our growth and extend our market share. Furthermore, it enables us to drive more scale production through our vertically integrated infrastructure.”

Canadian CBD startup Abacus Health Products, maker of the popular arthritis cream and sports ointment CBDMedic, has found a buyer from Colorado. The Toronto-based company, endorsed by former NFL player Rob Gronkowski, will be acquired by Charlotte’s Web Holdings in a deal valued at $69 million, or C$4.39 ($3.04) per share, Charlotte’s Web announced on Monday.

Rob Gronkowski at a press conference announced he is becoming an advocate for CBD and will partner with Abacus Health Products, maker of CBDMedic Topical Pain Products on August 27, 2019 in New York City. Ilya S. Savenok/Getty Images for CBDMEDIC

Abacus stock jumped 27 percent Monday morning on the news, while Charlotte’s Web shares rose five percent.

“This transaction provides a unique opportunity to our shareholders and employees to participate in the compelling potential of the combined businesses,” Abacus CEO Perry Antelman said in a statement. “By joining with Charlotte’s Web, we have the opportunity to maximize our growth by leveraging the company’s leading brand, vertical integration, infrastructure, expertise, financial position and capital markets presence, and position the combined company to deliver benefits for our stakeholders over the long-term.”

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Original formula: INCREDIBLE. With the stresses of work sometimes I find myself unable to calm the mind and sleep peacefully. A dropper full of oil eases the mind and allows me to sleep peacefully. With sleep being integral to overall well being I will never stop using Charlotte’s Web other CBD oils haven’t had the same effect. Life changing product.

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