CBD maker Elixinol Global has acquired German CBD brand CannaCare Health GmbH as it executes its strategy to pursue market opportunities in Europe.
Elixinol said it is buying the company for 3 million euros in cash ($3.6 million) plus 6 million euros in Elixinol shares ($7.2 million). The deal calls for Elixinol to pay up to 24 million euros ($29 million) if certain sales goals are met.
CannaCare is based in Hamburg, Germany, and makes CBD oils, sprays and skincare products. The products are sold in 4,500 brick-and-mortar retail distribution points in Germany.
Elixinol CEO Oliver Horn said last summer that the global CBD company would focus on European CBD markets because the U.S. CBD market is “just so cluttered.”
Elixinol maintains headquarters in both Westminster, Colorado, and Sydney, Australia. Elixinol Global trades on the Australian Stock Exchange as EXL and on U.S. over-the counter-markets as ELLXF.