In the last six weeks, the group has struck relationships with three important partners to bring new products to the European marketplace
Inc () (OTCMKTS:CANVF), the cannabis focused company, told investors it had now migrated all of its cannabis and hemp related business to Europe away from North America.
In the last six 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.
READ: Eurolife Brands energizing mushroom-infused coffee mixes, thanks to new distribution deal
"Industry reports indicate the European medical and adult-use cannabis markets are large and growing with the German market leading the way," said Shawn Moniz, chief executive at EuroLife.
"We are of the belief that the cannabis, hemp, and associated tertiary health and wellness product markets in Europe are still relatively untapped vis-à-vis North American opportunities. As such, we will continue to focus our business development resources in Europe as we aim to broaden our reach into this important marketplace."
German market set to take-off
Notably, Eurolife said varying sources suggested there are around 60,000 medical cannabis patients in Germany and in a recently published "The Germany Cannabis Report", authored by Prohibition Partners, that is predicted to rise to 1 million by 2024. The total market value for German medical cannabis in 2018 is estimated to be €73 million, which is projected to rise to €7.5 billion in 2028.
Last week, the Toronto-based firm inked a new distribution agreement with The Yield Growth Corp () (OTCMKTS:BOSQF), a health and wellness company in Vancouver for a line of infused coffee mixes. The two companies plan to launch Yield Growth subsidiary Flourish Mushroom Labs’ mushroom coffee mixes infused with various wild mushroom brands like Lion’s Mane, Turkey Tail, Reishi and Chagas.
Shares shot up over 22% to stand at C$0.055 in Toronto.
---Updates for share price--
Contact the author at [email protected]