Elixinol Global is rebranding to Elixinol Wellness to reflect its transition to a global wellness consumer products business.
The resolution was one of a number passed at the company’s 2021 AGM this morning, including the acquisition of CannaCare Health in Germany.
CEO Oliver Horn described the €9m acquisition, for €3m cash and €6m in Elixinol scrip, plus a performance-based earn-out of up to €15.0m in scrip, as “transformational”.
He said it would shift Elixinol’s global business further towards Europe, “which we consider a highly attractive market to generate near-term returns in”.
Meanwhile, company chair Helen Wiseman told the AGM Elixinol’s focus in Australia in the next financial year will be to consolidate Hemp Food Australia’s market leadership and pursue distribution of its CBD products through the Special Access Scheme.
“In Australia, growing Hemp Food Australia’s number one position will remain the focus through increased product innovation and dedicated marketing strategies,” she said.
“In parallel we are working on strategies to secure Australian distribution of Elixinol CBD products via the Special Access Scheme.”
In other news, the company has announced two new appointments to its senior leadership team.
President Americas Rob Hasselman and global head of R&D and innovation Beata Silber have been recruited to strengthen the company’s commercial capabilities and drive the transformation of the business.
Silber joins from global health and nutrition company, H&H Group. She brings more than 30 years’ experience in clinical research and wellness innovation, including roles with Swisse Wellness and the Head Nestle Research Centre in Switzerland.
Hasselman boasts more than 27 years’ experience in the healthcare sector, including sales, marketing and strategy roles with Johnson & Johnson and WellSpring Consumer Healthcare. More recently he was chief marketing officer at Ecofibre.
Horn said: “We are delighted to have secured two exceptional senior talents that bring market-leading commercial experience and big-brand know-how to Elixinol. These strategic appointments are a key step toward building sustainable, competitive advantages across our global business.”