Cannuka, a brand combining CBD and Manuka honey that was an early mover in CBD beauty, has shuttered.
The closure, which was announced via Instagram on Dec. 22 and is being communicated to consumers on Cannuka’s website, comes a little over two years after the brand was acquired by beauty and wellness company Better For You Wellness for an undisclosed amount. Married entrepreneurs Michael and Kelly Bumgarner launched Cannuka in 2017, and it subsequently entered 1,500 retail doors, including Ulta Beauty, Neiman Marcus and QVC, in the United States and United Kingdom with bestsellers such as CBD Calming Eye Balm and CBD Cleansing Body Bar.
BFYW was among a string of special purpose acquisition companies (SPACs) established from 2020 to 2022. Others are Hims & Hers, The Beauty Health Company, Powered Brands and Waldencast Acquisition Group. Due to its size, BFYW is characterized as a “micro-SPAC.” In September 2021, it secured around $30 million in funding to fuel acquisitions of companies generating $1 million to $15 million in sales in categories it calls appearance, health, nutrition, sleep, fitness and mindfulness. Along with Cannuka, BFYW acquired OEM skincare supplier Ironwood, Ironwood’s glacial oceanic clay range NENA Skincare and Mango Moi.
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