Cure Pharmaceutical has inked a deal to buy Sera Labs, a CBD manufacturer that makes beauty, wellness and pet products.

Cure, a medical company that specializes in delivery systems such as films, tinctures and beverages, has agreed to pay $20 million for Sera. The deal is $19 million in stock with $1 million in cash and a $20 million potential earn out, depending on financial targets.

For Cure, Sera brings a fast-growing business with both e-commerce and retail distribution already in place. The company’s products are sold in nearly 9,000 U.S. retail doors.

Sera was founded by Nancy Duitch in 2018 and makes SeraRelief, SeraTopical, SeraLabs, Gordon’s Herbals and SeraPets products. For the quarter ended June 30, the company brought in $1.8 million in sales. Duitch will continue to lead the company.

“Our acquisition of Sera Labs will add to Cure a growing brand portfolio and monetization platform that fits remarkably well with Cure’s development capabilities, products and existing market verticals,” said Rob Davidson, Cure’s chief executive officer. He added that Sera’s products will be integrated into Cure, and noted that one of the company’s film products has shown “improved cannabidiol bioavailability” in a study.

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