EuroLife to Assess Opportunities in Swiss Hemp Sector
- Success in Germany Leads to Greater Access to Opportunities Across Europe -
Toronto, Ontario--(Newsfile Corp. - November 28, 2019) - EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTCPK: EURPF) ("EuroLife" or the "Company"), a vertically integrated enterprise focused on the pan European hemp, cannabinoid, and heath & wellness sector., is pleased to announce the Company is setting its sites on the Swiss cannabis and hemp sector with a comprehensive due diligence trip including a number of strategic meetings with leading hemp companies. The Swiss initiative is being guided by Derek Ivany, Chairman of the Eurolife Advisory Board and President of JJ WOLF Investments Ltd. ("WOLF"), a merchant banking and advisory firm, which was retained to seek and assess opportunities within premium CBD markets in Europe on behalf of EuroLife (previously announced on October 16, 2019).
"Our previous work with Mr. Ivany and JJ Wolf led to the opportunity to acquire an ownership position in one of the largest hemp operations in the EU," said Shawn Moniz, CEO of EuroLife. "We expect to build off of our success in Germany with potential new partners, projects and capital based in Switzerland. We are working diligently toward our mandate of establishing EuroLife Brands as one of Europe's premium hemp CPG companies."
"We continue to leverage our network of contacts throughout Europe and look to Switzerland with great interest," said Derek Ivany, Chairman of the Eurolife Brands Advisory Board. "The country has a robust CBD marketplace and is becoming more accepting to the use of hemp and cannabis for improved health and wellness. Initial discussions indicate the possibility of numerous upstream and downstream M&A opportunities that builds on EuroLife's strategy outlook."
There is a thriving market for CBD in Switzerland as the population in Switzerland has embraced the health and wellness attributed of hemp and cannabis. In 2013 cannabis was decriminalized and three years later the cultivation of CBD rich hemp with up to 1% THC was approved by the government. Swiss cannabis flower is sold as a tobacco substitute and are used as the basis of a wide range of medical products.
The first series of due diligence meetings and an investor roadshow culminated with a binding letter of intent whereby EuroLife has been granted a participation right in a state-of-the-art industrial hemp cultivation operation located near Dresden, Germany. As previously announced EuroLife has gained the right to purchase 20% of a to-be-formed German corporate entity ("German HempCo") of which will own the Dresden hemp cultivation complex located near Dresden, Germany.
The Company also announces that it has issued an aggregate of 1,513,090 common shares at a deemed price of $0.055 per common share to various consultants, in lieu of cash, for past services performed for the Company.
About EuroLife Brands Inc.
EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTCPK: EURPF) is a leading vertically integrated enterprise focused on the pan European hemp, cannabinoid, and heath & wellness sector through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
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