Elixinol Global to buy into pet cannabis company

Company News

by Rachael Jones

Cannabis stock Elixinol Global (ASX:EXL) will acquire 25 per cent of Altmed Pets, trading as Pet Releaf, through its wholly-owned subsidiary Colorado-based Elixinol.

The agreement will see them make a financial investment into the high-growth cannabidiol (CBD) pet products market.

The investment is an extension of a long-standing relationship with Pet Releaf to which Elixinol has been the exclusive supplier of CBD extracts from Pet Releaf’s exclusive strains of hemp since inception.

Also based out of Colorado, Pet Releaf is the pioneer and market leading pet brand for hemp-derived CBD oils, topicals and treats for pets.

Elixinol will acquire 25 per cent of Pet Releaf for a purchase price of US$4.4 million cash plus fully paid ordinary shares in EXL valued at US$1.9 million.

Upon completion of Elixinol gaining an equity interest, Elixinol President Gabriel Ettenson will join the Pet Releaf Board.

Shares in Elixinol Global (ASX:EXL) are trading 4.74 per cent lower at $4.82 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.