Canadian CBD extractor StillCanna Inc. has purchased Polish hemp operation Olimax in a cash and stock deal, the companies announced.
StillCanna, which is based in Vancouver, British Columbia and traded on the Canadian Securities Exchange, paid $2 million in cash and pledged Olimax owner-operators Zofia Vahlberg and Krystyna Bojek 24,000,000 common shares for 100% of the vertically integrated Kielce, Poland-based company. StillCanna shares have been trading around $1.25 over the last six months.
“This acquisition uniquely positions StillCanna in the supply chain of wholesale CBD in Europe,” said Jason Dussault, CEO at StillCanna. “There is global interest in sourcing a reliable flow of wholesale CBD in Europe.”
Polish hemp veterans
Olimax gives StillCanna a European-based licensed cultivator, extractor and formulator of CBD. Vahlberg and Bojek have 40 years combined experience in hemp products, and have developed a patented micro-element fertilizer as well as a proprietary, EU-certified high-CBD hemp variety. They will continue to oversee day-to-day management of Polish operations which this year will be based on 1,500 hectares of hemp fields.
Plans call for expansion of growing fields as well as Olimax’s CBD extraction capacity.
The deal is the second in the last 12 months in which large Canadian cannabis firms have bought Polish companies after The Green Organic Dutchman bought CannabiGold brand parent HemPoland last August.