Breaking NewsElixinol Global's £20m Swoop For Leading German CBD Firm

Elixinol Global’s £20m Swoop For Leading German CBD Firm

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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.

Elixinol Global is listed on the Australian Securities Exchange. Full details of the nature of the transaction can be found here.

Peter
Peter
Peter McCusker is an experienced news and business editor, who believes it’s time to fully embrace the multiple, proven, medical benefits of the cannabis plant.

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