THE WHAT? Greenrise Global Brands has announced the acquisition of a 51 percent interest in CannaCare Health from its Co-founders, Frank Otto and the Oplesch family.
THE DETAILS The company also announced the appointment of Frank Otto to its Board of Directors.
The acquisition provides immediate sales growth as CannaCare generated unaudited sales of €2,000,000 in 2021 from CBD wellness sales. The maximum sales performance goals for CannaCare Shareholders to earn additional payments are €4,000,000 in FY2022 and €10,000,000 million in FY2023.
“It is well known that I have been an advocate for the benefits of cannabis for many years,” said Frank Otto, Co-Founder of CannaCare. “It will be the pioneers that will lead when adult-use of cannabis is available to Germans, and I support Greenrise’s management to create that market leader.”
THE WHY? This major acquisition immediately strengthens Greenrise’s position in the CBD wellness market and builds on Greenrise’s strategy to become a leader in the adult-use cannabis market in Germany. Hendrik Knopp, Director of Greenrise, explains, “We are very pleased to have closed this acquisition despite strong competition. This is an important transaction for Greenrise at a very important time in the development of the German cannabis industry. The combination of Greenrise and CannaCare accelerates our business as no other transaction could and provides an excellent platform to enter the adult-use market.”