Colorado Cannabis Co. Expands In Europe Via New Acquisition, More Details Here

CBD of Denver, Inc. CBDD has closed the acquisition of HOLISTICH GmbH, a Swiss-based company with a location in Vienna, Austria with a focus on cannabis tissue cultures offering cannabis production facilities high-quality cannabis clones.

What Happened

HOLISTICH has an existing wholesale distribution and clone business that will immediately add revenues to Luxora.

In August, CBDD announced the acquisition of LUXORA Holding AG, which imports and distributes North American CBD flower throughout Europe. CBDD has created a new subsidiary, LUXOA LLC, to combine its wholesale CBD flower business with LUXORA Holding AG's.

Why It Matters

This is an important step forward for the whole group as this acquisition represents an opportunity to access the European market, the Denver, Colorado-based company said on Friday.

Being a player in the wholesale business in the DACH region of Germany, Austria, and Switzerland, HOLISTICH can ship products throughout the European Union, LUXORA CEO Jan Schwager said.

"Additionally, the company has established good relationships in the area of cannabis clones' business, which can be developed when the German and other European Markets are further opened," Schwager added.

HolistiCH currently has a partnered portfolio of over 240 cannabis strains and, with the efforts of Luxora, will be adding 30 new exclusive strains to its portfolio.

Moreover, the news comes on the heels of Germany's cabinet approving marijuana legalization in August, sending it to the legislature for consideration. The draft legislation backed by Chancellor Olaf Scholz would legalize recreational cannabis use and personal cultivation of up to three plants, allowing adults to possess as much as 25 grams of weed, and would also enable buying weed at marijuana clubs.

"HOLISTICH will be able to provide seeds and clones to our cannabis club clients with exclusive strains which the company believes will separate Luxora from the other competitors," Schwager added.

What's Next

The company will be integrated into the LUXORA Group in the coming weeks, with Schwager taking over the role of the managing director for the Swiss Office and the Vienna branch for the time being.

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CBDD Price Action

CBD of Denver's shares traded 7.1429% lower at $0.0007 per share at the market close on Thursday.

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