Canadian company Neural Therapeutics Inc. (CSE: NURL) has acquired a 30.75% ownership interest in CWE European Holdings Inc., operator of Hanf.com, a German hemp retail chain.
Neural, which develops psychedelic and functional mushroom products, went public on the Canadian Securities Exchange (CSE) last spring.
CWE/Hanf.com runs a network of roughly 15 owned or franchised outlets that sell CBD wellness and other hemp products, and has also developed wholesale channels across Germany. Its product range includes wellness formulations and nicotine-free herbal products.
All-stock, no cash
The all-stock, no-cash deal saw Neural issue nearly 80 million common shares to CWE shareholders, valued at CAD $0.05 per share. The deal gives CWE investors a 47.4% stake in Neural.
Small-cap operators like Neural frequently pursue equity-based deals rather than cash transactions, using their stock as acquisition currency to gain exposure to operating businesses such as CWE.
Neural’s roots trace back to Filament Health Corp., a Canadian psychedelics company that spun out Neural in 2021 to focus on mescaline-based drug development.
Winding trail
The company went public in April 2025 via a reverse takeover of High Fusion Inc., a listed Canadian company. Under the deal, Neural merged with a subsidiary of High Fusion, swapped its private shares for public ones, and took over the listing, changing the name to Neural Therapeutics Inc. and the ticker to NURL.
Trading began last April on the CSE, a marketplace for emerging small-cap companies (penny stocks).
Neural recently reported that CWE generated CAD $7.1 million in revenues for fiscal 2024, up 65% year-on-year, with net income of CAD $371,000. Preliminary, unaudited figures for the first half of 2025 indicate revenues of roughly CAD $5 million, up 31% from the same period in 2024, and an essentially breakeven operating result.