Pharma Co. Buys CBD Wellness Brand In $20M Deal

Law360 (July 28, 2020, 5:09 PM EDT) -- A drug delivery patch-maker on Tuesday said it had agreed to buy CBD manufacturer Sera Labs, one of several companies sued by Clint Eastwood last week for allegedly advertising with a bogus endorsement from the Hollywood legend, in a deal worth $20 million.

Cure Pharmaceutical's deal with Sera Labs, which has denied authorizing the fake Eastwood advertorial, includes $1 million in cash and $19 million in Cure stock, along with a potential $20 million earn-out for Sera if the company meets certain performance targets.

In connection with the agreement, Cure is also loaning Sera $500,000 in exchange for a note locking...

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