GERMAN CBD firm CannaCare Health makers of the popular brand CANOBO has been snapped up by Australian company Elixinol Global for a potential €24m.
Established in 2018 CANOBO has a presence in 4,500 German ‘High Street’ outlets, and an extensive range of more than 20 products consisting of CBD oils, sprays and skincare lines.
CannaCare’s revenues totalled €2.6m in 2020, and in tandem with Elixinol’s UK operations the aim is to create a pan-European business of scale, says Elixinol Global CEO Oliver Horn.
He added: “We are incredibly excited about this transformational opportunity, which leapfrogs Elixinol closer to its vision of becoming a profitable, global, hemp-derived consumer goods wellness business.”
Hamburg-based CannaCare has secured a presence for CANOBO in 2,200 Rossmann stores – Germany’s leading drugstore chain and is active in the TV advertising space.
As part of the transaction Frank Otto of CannaCare will be appointed to the Elixinol Board as a Non-Executive Director.