Colorado Cannabis Distributor Expands To European Wellness Industry Via Two Letters Of Intent
CBD of Denver, Inc. CBDD, a leading distributor of CBD, cannabis, hemp oil and nanotechnology products in Switzerland and Europe, announced updates on two Letters of Intent signed in the Health and Wellness CBD Cannabis Industry.
Expanding Its Health & Wellness Business To Europe
After several months of discussions, the Company seeks to expand its Health & Wellness Business through two letters of intent (LOI). CBD of Denver Inc Board Director Robert Roever stated: “We still see the CBD/Cannabis and Health and Wellness market improving after a rough couple of years and feel this is the right time to reengage the market.”
Two letters of intent: According to a press release, the first LOI “is to acquire a German-based CBD specialist, which will provide warehousing and logistic services for Germany and expand CBD of Denver Inc’s reach throughout Europe.” Currently, the target company distributes its products to 500 German-based stores and gas stations, “with plans to expand to 2,000 stores in 2023/2024.”
The second LOI is “to acquire a wholesale and retail full-service Health and Wellness CBD company located in Switzerland, which would provide exposure throughout Europe,” per the release. The target company’s product range includes vapes, oils, flowers and pet items.
Focused on acquiring profitable assets at attractive valuations to create value for shareholders, CBD of Denver Inc. plans to combine the two target companies with its existing wholesale business and spin them off into one publicly traded entity.
The European CBD market is estimated to be worth around $2 billion, with Germany being the largest country, accounting for $1 billion or 50% of the market.
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