The cannabis analytics company shared its growth plans following this week’s announcement of a name change and the True Focus International acquisition
Cannabis analytics company Cannvas MedTech Inc () (OTCMKTS:CANVF) has updated shareholders on the company’s growth plans following this week’s announcement of a name change and a new acquisition that will allow for global expansion.
The Toronto-based company is rebranding with a new name and ticker symbol. Going forward, it will be known as Eurolife Brands Inc, which will trade on the Canadian Securities Exchange under the symbol EURO.
On Wednesday, Cannvas announced the acquisition of 1216165 BC Ltd, better known as True Focus International, to get the exclusive rights to market its suite of products. True Focus is best known for its popular, all-natural, patent-pending oral spray which works to blunt the effects of THC overconsumption.
READ: Cannvas MedTech acquires strategic rights to expand True Focus brand; plans name change
COO Steve Loutskou said in a Thursday release that the company is “thrilled” to begin a new chapter as it applies its education and analytics platforms to a new line of business poised for aggressive global expansion.
"We are confident our first-mover status into those markets, coupled with the strategic utilization of our existing assets, will increase shareholder value and position our organization as a global markets cannabis brand empowering the medical, recreational and CPG cannabis industry around the world," Loutskou said in the statement.
According to Cannvas, forecasters such as Prohibition Partners and The Brightfield Group expect the value of the European and South American cannabis markets to exceed C$80 billion within the next 10 years.
The True Focus acquisition plays a significant role in the data company’s global expansion strategy by providing access to its intellectual property portfolio across South America and "in select markets" in Europe for 10 years.
The company said that through its Cannvas.Me and other data platforms it will expand the True Focus brand into “emerging regions” where CBD is legal.
Cannvas.Me is one of five platforms the company has developed. The website provides online cannabis courses for free and offers the public the chance to read about cannabis’ medical applications in materials and white papers put out by physicians.
As part of its expansion strategy, Cannvas recently chose Medellin, Colombia as the Eurolife South American headquarters. It also informed shareholders that it is in continued talks with strategic partners across North and South American and Europe.
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