Bird & Bird advises Elixinol on the acquisition of CannaCare
Bird & Bird has advised publicly traded Australian Elixinol Global Limited on the acquisition of leading German CBD company, CannaCare Health GmbH, Hamburg, by a Dutch subsidiary.
The purchase price amounts to €9 million, of which €3 million will be paid in cash and €6 million in shares in Elixinol Global Limited. These shares will be newly created by means of a capital increase and subsequently quoted on the Australian Securities Exchange. A further €15 million may be paid as an earn-out, depending on the turnover and profits, in spring 2022. CannaCare's main investor will become a new member of Elixinol's board.
The companies expect that the market volume for CBD products in Germany could increase to $600 million by 2025. Elixinol is one of the world's leading companies in the hemp industry, focusing on hemp-based dietary supplements, foods and cosmetics.
Introduced by Bird & Bird’s Sydney office, Elixinol Global Limited was advised by the following Bird & Bird lawyers: Partner Stefan Münch and associate Daniel Gloor (both Corporate, Munich), partner Shane Barber and senior associate Justin Hart (both Corporate, Sydney), all lead, associate Marina Dolina (Corporate, Munich), partner Dr. Niels Lutzhöft, LL.M. and associate Dr. Christoph Hendel (both Regulatory, Frankfurt), partner Dr. Ralph Panzer and associate Laura Schildberg (both Employment, Munich), partner Dr. Alexander Duisberg and associate Gökhan Kosak (both IT/Data Protection, Munich), partner Dr. Markus Körner and associate Maximilian Hillenkamp (both IP, Munich).