Medical cannabis and CBD company Greenrise Global Brands has announced it has acquired a 51 per cent interest in CannaCarefrom from its co-founders Frank Otto and the Oplesch family.
This acquisition strengthens Greenrise’s position in the CBD wellness market, building on its strategy to become a leader in Germany’s adult-use cannabis market.
Frank Otto and Michael Oplesch have backgrounds in the TV, health, and cosmetic industries and have built the CANOBO line of CBD products into one of the leading CBD brands in Germany.
Director of Greenrise, Hendrik Knopp, commented: “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.
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“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.”
The acquisition will see Frank Otto appointed to the Greenrise board of directors.
Co-Founder of CannaCare, Otto, commented, “It is well known that I have been an advocate for the benefits of cannabis for many years. 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.”
CannaCare’s CANOBO brand offers hemp-based CBD product portfolio including nutritional supplements, cosmetics, and sports products and has an extensive range of twenty CBD products consisting of tinctures, sprays and oils and skincare products. The products are manufactured exclusively in Europe and Germany.
Green rise has stated that the acquisition provides immediate sales growth as CannaCare generated unaudited sales of €2m in 2021 from CBD wellness sales. It enables the company to create a strategic national footprint as the CANOBO CBD brand is sold in leading drugstores and supermarkets.
It is also a dominant retail distributor of CBD products with over 4,500 brick and mortar retail sales points with the highest market share in Germany’s drugstore channel.
Greenrise has stated that it will gain market share and experience from having operations in all regulated markets for cannabis in Germany. Based on Brightfield Group’s European CBD, January 2021 Report, management estimates that CannaCare holds 42 per cent market share in the German drugstore channel.
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