Redondo Beach CMP Sold To Cannabis Supply Company

REDONDO BEACH, CA — A Redondo Beach distributor of vaporizers, cartridges and accessories has been sold to a Santa Ana-based cannabis supply company, it was announced this week.

In the deal, which was finalized May 1, Kush Bottles bought CMP for $1.5 million in cash and 7.8 million shares of stock. The deal was reportedly worth $21 million, according to Bloomberg. Kush said the deal would allow the seven-year-old company to diversify its product range in the emerging recreational cannabis market.

"CMP has established itself as a leader in the vaporizer product market, which is one of the fastest growing segments in the cannabis packaging industry," Kush's CEO Nicholas Kovacevich said in a statement. "The rapid growth of the cannabis market, coupled with the lack of access to traditional financial services, creates a unique opportunity for Kush Bottles."

All five of CMP's employees are expected to be retained by Kush, which primarily services legally operated medical and adult-use dispensaries, growers, and marijuana-infused product manufacturers.

CMP was founded in 2013.

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