The Toronto-based firm said it had successfully negotiated the final terms to acquire a stake in Farmhus GmbH, which operates a state-of-the-art industrial hemp cultivation facility in Germany.
EuroLife said it expects to sign the final agreement “in the weeks to come,” with several supply agreements nearing the final stages with Farmhus.
The company is also working to close the acquisition of CEW European Holdings Inc, which owns a number of HANF hemp stores in Germany and Luxembourg.
EuroLife also said that its technology division is on track to post a positive return of cash flow this year thanks to multiyear contracts with Empower Clinics and Aphria.
“EuroLife continues to search for strategic opportunities to add supply chain, license distribution and logistics agreements or partnerships, and secure additional raw manufacturing of product ingredients, to compliment the Dresden operation and the expanding retail footprint through online portals and HANF Hemp stores,” the company told shareholders in a statement.
In other news, the company said it is proceeding with a share consolidation on a 10:1 basis. As a result, the company’s existing 382 million shares will be reduced to around 38.2 million.
The firm is also taking advantage of the blanket relief from normal filing requirements provided by the TSX Venture Exchange, the Canadian Securities Administrators and the British Columbia Securities Commission to file a statement of executive compensation within 180 days of the company's year-end in light of the coronavirus pandemic.
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