Elixinol Wellness has pulled out of a deal to buy German CBD company CannaCare Health after due diligence revealed the German market has become too competitive for the acquisition to be viable.
In March, Elixinol signed a binding agreement to acquire CannaCare for an upfront consideration of €3m in cash and €6m in Elixinol shares. A second earnout payment up to a maximum of €15m in Elixinol shares would have become payable in March 2022, based on CannaCare achieving revenue and profit targets.
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