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.

Join the Cannabiz revolution

Want to stay ahead of the cannabis curve with the latest local and international news, analysis and intelligence and access to Australia's legal cannabis industry?

This article is included with our Premium subscription.

Vel turpis nunc eget lorem dolor sed. Sit amet consectetur adipiscing elit duis tristique sollicitudin nibh. Nisl nunc mi ipsum faucibus vitae.
Elementum integer enim neque volutpat ac tincidunt vitae semper quis. Eu lobortis elementum nibh tellus molestie nunc. Sit amet consectetur adipiscing elit duis tristique sollicitudin nibh. Magnis dis parturient montes nascetur ridiculus. Dui id ornare arcu odio ut sem. Nisl nunc mi ipsum faucibus vitae.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Sit amet consectetur adipiscing elit duis tristique sollicitudin nibh.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

Leave a comment