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Industrial Hemp Market Analysis by Key Players, Trends, Drivers, Competitive Landscape & Forecast To 2028
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Industrial Hemp Market Analysis by Key Players, Trends, Drivers, Competitive Landscape & Forecast To 2028
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Elixinol Wellness and CannaCare Health terminate acquisition as changing German market dynamics threaten returns
Elixinol intended to acquire CannaCare but a review of the German cannabis market has seen both parties enter a Termination and Withdrawal Agreement. The company is pleased with the progress of its US and Australian operations.
Elixinol Wellness Ltd (ASX:EXL) (OTCQB:ELLXF) (FRA:E8M) and German-based CBD business CannaCare Health GmbH have mutually agreed to terminate a share purchase agreement following a changing German cannabis market that revealed financial concerns.
Elixinol will be reimbursed €360,000 by CannaCare to cover costs incurred to date; the acquisition was first announced in mid-March this year.
Elixinol Wellness Ltd’s (ASX:EXL) (OTCQB:ELLXF) (FRA:E8M) core priorities are to reignite its US and UK businesses following the severe COVID-19 restrictions and integrate recently-acquired CannaCare into the Elixinol Group whilst fuelling the Canobo growth.
It is also targeting shifting its business to digital and optimise cost and margins as it transforms into a world-leading hemp-derived, natural health and wellness consumer products business.
The company, which has undergone a substantial evolution over the past 12 months, believes the management team’s strengthened strategic, commercial and governance capabilities positions it perfectly for the next phase in its development.