An Australian cannabis and hemp company has purchased Sierra Sage Herbs LLC, maker of the Green Goo, Southern Butter and Good Goo natural products brands.
Creso Pharma Limited, with headquarters in Australia and operations in several nations including Switzerland and Canada, bought the woman-led startup based in Lyons on Monday for $21 million, plus additional payments depending on meeting sales targets in 2022 and 2023, according to a press announcement from Sierra Sage Herbs. Creso Pharma Ltd. (ASX: CPH, OTC: COPHF, FRA: 1X8) will use the Lyons company to extend its footprint to the U.S. market while adding an additional range of natural health products to its existing lines of cannabis and hemp-based pharmaceuticals.
Sierra Sage, founded in 2008 by two daughters and their mother, Jodi, Jen and Kathy Scott, distributes its natural first-aid and skin products at 90,000 places, including Whole Foods, Walmart, Amazon, Target.com, CVS, Walgreens, Rite Aid, Albertsons, and Kroger. The leadership team led by CEO Jodi Scott will continue to operate the company while gaining access to Creso’s research and development, manufacturing and distribution systems. Sierra Sage will maintain its certified B Corp status.
Sierra Sage’s biggest product line has been Green Goo, a collection of plant-based first-aid and body care products. Green Goo is crafted using a proprietary lipid-infusion process, rather than with pre-made extracts, the company press statement said. “This process increases the medicinal value of its salves, making its natural healing properties some of the most potent in the market. Green Goo ingredients are organic whenever possible, are sourced using fair trade principles, and include no harmful chemicals,” the statement said.
Its Good Goo brand provides hemp-infused products, and its recently started Southern Butter brand provides intimate skin care products.
“My family and I started Sierra Sage Herbs because we saw a real white space in the market for naturally safe, effective, simple wound care that was both portable and accessible,” CEO Jodi Scott said. “What started as a backyard herb hobby in Idaho has become one of the fastest growing CPG brands in plant-based personal care, but we know there’s always more room to grow. We are thrilled to embark on this next phase in our journey as part of the Creso family and look forward to bringing an even bigger line of the quality products our fans love while continuing to serve as stewards to our environment and community.”
According to the press statement, Creso Pharma produces cannabis and hemp-based pharmaceutical, nutraceutical, animal health and cosmetic products to markets in Europe, Asia, Africa, Oceania and Canada. The company was one of the first to bring pharmaceutical industry expertise and methodological rigor to the world of medical cannabis, operating facilities in Switzerland and Canada, the statement said.
“The acquisition of Sierra Sage Herbs and the company’s product range is a major milestone for Creso Pharma,” William Lay, group CEO and managing director of Creso, said in a statement. “It marks entry into the U.S. CBD market and provides a strong foundation to rapidly scale up operations, product development, and sales, as well as further M&A transactions.”
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