Health House International Limited has sealed the deal on plans to expand into Europe’s largest medicinal cannabis market after today finalising the acquisition of German medicinal cannabis company CanPharma.
The acquisition will significantly bolster the company’s global footprint and sources of revenue, leveraging CanPharma’s advanced standing regarding the import, manufacture and distribution of cannabinoid-based products, both in flower and oil extract form.
Additionally, CanPharma owns Kalpa Clinic, the first medicinal cannabis consultancy in Europe. Kalapa provides specialist advice to health care professionals and patients on using cannabis-based medicines for treating a range of conditions.
HHI finalised the acquisition, issuing 18 million in shares and 36 million in performance shares along with CanPharma’s Dr Henrik Sprengel joining as executive director, with his chief financial officer, Mr David Attwood, taking over the CEO role from David Wheeler.
The company said Mr Attwood is Europe-based and will focus initially on growing the Company’s European businesses.
“Following discussions with HHI over the last months, we are convinced of a close cultural and strategic fit,” Mr David Atwood said.
“I look forward to working with the wider team to quickly integrate the groups and ramp up the operations in Germany.
“The enlarged group will enhance our offer to patients and suppliers and represent a firm base for further growth within the nascent EU market where we remain vigilant for further opportunities.”