The company said its name change better reflects its strategic focus to acquire and develop innovative brands and products in the global health and wellness marketplace
Inc () (OTCPINK:EURPF) has unveiled plans to rebrand itself to Plant & Co Brands Inc as part of its shift to a health and wellness business model.
The news follows EuroLife’s earlier acquisition of Plant & Co Marche, a hybrid health and wellness brand with a retail location in Toronto that sells plant-based, vegan, vegetarian, hemp, and specialty immune-boosting products.
As part of its rebranding plans, the company will trade on the Canadian Securities Exchange under the new ticker symbol ‘VEGN’.
READ: EuroLife Brands enters health and wellness sector via acquisition of Toronto-based brand Plant & Co Marche
EuroLife said its name change better reflects its strategic focus to acquire and develop innovative brands and products in the global health and wellness marketplace.
"With the new realities of the current economic environment and the continued growth in health and wellness sector, we feel it is an appropriate time to announce our intention to expand into this sector further supporting our latest acquisition of Plant and Co and other potential acquisition targets," said Shawn Moniz, CEO of EuroLife in a statement.
"We have been very successful with our technology platform which is now operating on a net economic positive basis, inside just two years since our launch. This is a great achievement within the technology sector, and we are leveraging this success to build an even more powerful health and wellness brand to connect customers in many jurisdictions with hundreds of innovative health and wellness products," he added.
Amended agreement
In connection with the acquisition of Plant & Co Marche, EuroLife said it had amended its purchase agreement to acquire the firm for nearly 2.4 shares of the company.
The company told shareholders it believes that it was better to adjust the structure of the transaction rather than the acquisition of the corporate vehicle and its associated liabilities. There was no change in the consideration payable for the Plant & Co Marche's assets as a result of the amended transaction structure, it added.
The deal does not spell the end of EuroLife’s cannabis exposure, however. The newly branded company will continue to leverage its previous Canadian medicinal cannabis and technology experience and its consumer analytics depository to target tertiary segments of the fast-growing health and wellness sector in Canada and North America.
EuroLife said it has started discussions with leading Canadian manufacturers, distributors and brokers to offer a vast selection of health and wellness products.
To that end, the firm’s technology division is on track to post a positive cash flow in 2020 through its existing contracts, including a $460,000 licensing agreement with Empower Clinics and a bud tending program with .
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