logo-loader
viewEuroLife Brands

EuroLife Brands pushes into Europe's hemp market with new stake in Germany

The Canadian company is on a mission to migrate all of its cannabis and hemp-related business to Europe

EuroLife Brands -
After signing a letter of intent, EuroLife will have a stake in a hemp cultivation plant on the outskirts of Dresden, Germany

EuroLife Brands Inc (CSE:EURO) (OTCMKTS:CANVF) is on its way to becoming a player in Europe’s hemp market after signing a binding letter of intent which awards the Canadian cannabis group the right to purchase 20% of a yet-to-be-formed German company called German HempCo, which will control a hemp cultivation plant on the outskirts of Dresden, Germany. 

The striking of this new agreement will offer the Vancouver company the chance to break into the burgeoning market for hemp and cannabidiol (CBD) across Europe and transform itself into one of the biggest cultivators of hemp on the continent. 

READ: EuroLife Brands set to focus on European market as it completes shift away from North America

“Gaining an interest in this world class hemp cultivation project is a marquee moment for EuroLife as we have the opportunity to acquire ownership in a highly tactical asset located in Germany,” said Shawn Moniz, EuroLife’s CEO. “We are very fortunate to become partners in this advanced stage hemp cultivation project located in one of the most important cannabis markets of the European Union.”

According to the terms of the letter of intent, German HempCo will control one of Europe’s biggest outdoor hemp cultivation projects.

More than 1,235 acres of agricultural land will be up for hemp cultivation at the farm near Dresden.

The Dresden hemp project also boasts harvesting machinery capable of harvesting crops at a rate of 123 acres per day as well as cleaning machinery to extract and separate seeds from stems; and drying rooms and warehouses for storage, cleaning and drying.

Looking further along, CEO Moniz is keen to unlock value from its pending stake in German HempCo. And the EuroLife team is already assessing new hemp-derived products such as smokable hemp flower that could be generated from harvests. One advantage that EuroLife is looking to capitalize on is the 110,000 kilograms of hemp biomass, which is already available in Dresden.

“We are eager to work alongside the other notable stakeholders of the project in order to establish EuroLife’s leadership position in the European hemp cultivation business while capturing additional value-add downstream opportunities for the company,” added Moniz.

EuroLife has recently been on a mission to migrate all of its cannabis and hemp-related business to Europe and away from North America.

In recent weeks, the group has struck relationships with three important partners to bring new products to the European marketplace, namely, with The Yield Growth Corp, Champignon Brands Inc, and AgraFlora Organics International Ltd, the firm noted.

Contact Ellen at [email protected]

Quick facts: EuroLife Brands

Price: 0.03 CAD

CSE:EURO
Market: CSE
Market Cap: $10.48 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of EuroLife Brands named herein, including the promotion by the Company of EuroLife Brands in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks reverse; Nabis Holdings jumps after securing...

The North American Marijuana Index, lost 1.5% to 136 points. The OTCQX Cannabis Index dipped 1.4% to 504 points. Buds today were Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF), EuroLife Brands Inc (CSE:EURO) (OTCMKTS:CANVF). Duds were HEXO Corp (TSE:HEXO)...

on 16/10/19

3 min read