The deal has been completed ahead of the anticipated launch of the company’s CBD beverage products in the EU
BevCanna Enterprises Inc () () said Monday that it has completed the acquisition of privately owned Exceler Holdings to gain a stronger foothold in Europe and Asia.
The Vancouver-based cannabis-infused beverages company closed the arm's length sale by giving shareholders in Exceler some 2 million BevCanna shares. The company said it did not pay a finder's fee while making the acquisition.
According to BevCanna, the deal gives it access to Exceler’s multiple distribution points across Europe and Asia ahead of its CBD beverage products launch in the European Union.
"The ability to sell through Exceler's extensive distribution network is intended to quickly accelerate our expansion into the EU market," John Campbell, chief strategy officer at BevCanna, said in a statement.
He said the BevCanna lines of CBD beverages "will soon be available to consumers across the continent."
BevCanna uses patented technology to make water-soluble cannabinoid infusions using THC and CBD from cannabis and hemp for in-house brands and white-label clients.
The group has a 292-acre cultivation site in the Okanagan Valley, a pristine spring water aquifer, and a 40,000-square-foot manufacturing facility in Osoyoos.
Contact the author Uttara Choudhury at [email protected]
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