Ontario-based Maricann plans to acquire a hemp farm in Switzerland for 8 million Swiss francs ($8.5 million), making the Canadian medical marijuana producer the latest to seek a toehold in the lucrative European hemp market
Maricann announced plans Wednesday to acquire hemp producer Haxxon AG, which grows hemp for CBD products in a 60,000-square-foot facility in Regensdorf, a suburb of Zurich.
Burlington-based Maricann – which trades on the Canadian Securities Exchange under the symbol MARI – said the 8 million Swiss franc price tag includes 2 million francs in cash, the remainder in the company’s common stock. Maricann hopes to complete the acquisition by March.
Maricann said the Haxxon facility currently produces dried hemp flower for about 650 Swiss francs per kilogram, with the hemp selling at 2,600 to 3,500 Swiss francs per kilogram.
Haxxon makes hemp-derived CBD products, including vape cartridges and hemp cigarettes with no tobacco.
CBD is not a controlled substance in Europe, where cannabis products are considered legal hemp up to 1% THC.
Maricann announced last month that it plans to export medical marijuana to Germany through its German subsidiary, Maricann GmbH. The medical marijuana would be sold through German pharmacies.
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