The move bolsters the Toronto-based company’s portfolio of CBD products to include hot sauce, olive oils and other related foodstuffs.
CEO Sean Moniz said that the company’s research showed a “significant market opportunity” throughout Europe for CBD-infused food products.
READ: EuroLife Brands' top executives return to Europe to close acquisition of largest hemp facility in Germany
"Our first priority is to successfully launch within the European Union and then move to other friendly CBD jurisdictions,” Moniz said in a statement. “We are working towards facilitating a favourable distribution setup as we prepare to take our products to market.”
Eurolife told investors that the CBD food products will be competitive in a growing global market category of sauces, dressings and condiments. Data collected by Global Industry Analysts indicate a current global annual market value of around US$5.2 billion, according to information provided by Eurolife.
Global Industry Analysts also projects the market to grow by US$11.7 billion over the next five years, with Europe adding nearly US$748 million to the region’s value in that time period.
The cannabis company said it plans to leverage its position in Europe to generate sales and capture market share with its new CBD-infused portfolio in cannabis-friendly jurisdictions across the continent.
“More and more countries are recognizing the health and wellness benefits of CBD infused products, creating a significant opportunity for EuroLife,” the company said in a statement.
Shares of Eurolife closed 12.5% higher on Thursday in Canada at nearly C$0.05 and 10% higher over the counter at US$0.03.
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