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.