Another Canadian company is looking to Europe for expansion – this time in CBD.
A large, vertically integrated Canadian company plans to buy up the remaining shares of a Swiss organic CBD company to expand into the global market.
MPX International, a vertically integrated CBD company based in Toronto, has agreed to acquire all outstanding shares of HolyWorld SA for 13.4 million Canadian dollars ($10 million).
HolyWorld, which does business as HolyWeed, is a Geneva, Switzerland-based outdoor cultivator of CBD-rich flower.
The acquisition is part of a global growth strategy for MPX International that allows the company to expand its cultivation footprint into Western Europe while adding a recognized brand to its portfolio.
HolyWeed produces organic, high-CBD pre-rolls, dry flower, sublingual oils and cosmetics with less than 1% THC and distributes its products to more than 4,000 kiosks in Switzerland.
According to a news release, HolyWeed is the only CBD brand with the Swiss Certified Organic label.
“Switzerland is home to some of the most advanced consumer goods, cosmetics, ingredients and pharmaceutical companies in the world, and HolyWeed being on their doorstep opens a whole host of future opportunities,” said Daniel Fryer, MPX International’s head of European development.
As part of the deal, MPX International plans to develop a Good Manufacturing Practice (GMP)-grade manufacturing facility to produce CBD extracts and isolates.
The company trades on the Canadian Securities Exchange as MPXI and on the U.S. over-the-counter markets as MPXOF.
