Multi-state cannabis operator iAnthus Capital Holdings Inc. closed a previously announced agreement to acquire CBD For Life, based in Rumson, for $10.4 million in stock and cash on June 30.

CBD For Life products are sold at over 1,000 retailers in 46 states, including national retailers like Urban Outfitters and Weis Markets. Its current offerings include CBD-infused topicals, tinctures, and sprays, as well as lotions, creams, and hair products.

“CBD is one of the fastest growing segments of the consumer products industry,” said iAnthus Chief Executive Officer Hadley Ford in a statement. “We look forward to integrating CBD For Life’s award-winning products into the iAnthus platform, and we’re excited about the opportunity to reach a larger customer base nationwide via this acquisition.”

Moving forth in 2019, CBD For Life will leverage iAnthus’ platform to launch additional products including luxury skincare and adult items. iAnthus plans to internationally distribute CBD For Life products by the end of the year.

According to cannabis market research company BDS Analytics, the CBD market could reach $20 billion by 2024. Forbes also cited a study from New York-based investment firm Cowen & Co. with the figure $16 billion by 2025. Either way, there’s no doubt the market is growing—nearly 7 percent of the U.S. population uses CBD as a supplement now, and Cowen expects that number to grow to at least 10 percent by 2025.

In the $10.4 million deal, iAnthus acquired 100 percent of CBD For Life’s assets for 2,452,681 common shares of iAnthus and repayment of CBD For Life’s outstanding debt and certain liabilities for approximately $2.4 million in cash.