One of the largest USDA Certified Organic hemp farming and processing complexes in the country, Prospect Farms, has been bought by Prima. The award-winning Prima products are combined with the production and raw material growing skills of Prospect Farms by Uplifter Brands. The group is ideally situated to gain market share across several industries and seize the lead in the wellness categories that have been slow to develop. Brad Tipper of Prospect Farms and Laurel Angelica Myers of Prima (formerly Honest) established Uplifter Brands. As Brooke Shields serves as the Chief Brand Officer, the firm will focus on the neglected pet health market. Maximalist, Greycroft, Lerer Hippeau, Global Founders Capital, Ropart Asset Management, and Platform Ventures are notable investors.
The acquisition gives Prima ownership of Prospect Farms, one of the nation’s largest USDA Certified Organic hemp farms and manufacturing complexes. With over 250-acres of regenerative cultivation, the farm holds a state-of-the-art greenhouse, pharmaceutical-grade filing system, and on-site lab formulation and fulfillment to fuel profitable, accelerated growth for Uplifter Brands, as well as uphold and expand the portfolio’s highest standards for sourcing and sustainability.
“We’re doubling down on the substance and its huge medicinal advantages at a time when many of our rivals are closing down, consolidating, or turning away from cannabis altogether,” says Laurel Angelica Myers, co-CEO of Uplifter Brands. “We are excited to reveal what’s next after purchasing a USDA Certified Organic hemp farm and making even greater plans to dominate the health market with the purest, most supported by science botanical medicinal goods.”
Strategic investors advising the transaction include Spencer Potts, Managing Partner of Maximalist, who will serve on the Uplifter Brands Board of Directors. Notable investors in Uplifter Brands include Maximalist, Greycroft, Lerer Hippeau, Global Founders Capital, Ropart Asset Management and Platform Ventures. BraunHagey & Borden LLP acted as legal advisor to Prima. Latham & Watkins LLP acted as legal advisor to Prospect Farms.
Image provided by Prima