Denver, Colorado–(Newsfile Corp. – March 14, 2023) – CBD of Denver, Inc. (OTC Pink: CBDD), a leading distributor of CBD, Cannabis, Hemp oil, and nanotechnology products in Switzerland and Europe, has announced updates on two Letters of Intent signed in the Health and Wellness CBD Cannabis Industry.
The Company has been in discussions for several months to expand its Health & Wellness business. The first Letter of Intent 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. The target company currently distributes its products to 500 German-based stores and gas stations, with plans to expand to 2,000 stores in 2023/2024. CBD of Denver Inc has had a business relationship with the target company since October 2022 and expects to benefit from this acquisition.
The second Letter of Intent is to acquire a wholesale and retail full-service Health and Wellness CBD company located in Switzerland, which will provide exposure throughout Europe. The target company’s product range includes vapes, oils, flower, and pet products.
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. CBD of Denver Inc is actively seeking new acquisition candidates, with a focus on acquiring profitable assets at attractive valuations to create value for shareholders.
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. Since Germany legalized medical cannabis in 2017, it has seen steady growth in patient numbers. The coalition government plans to legalize adult-use cannabis by the end of the year, and CBD of Denver Inc intends to take advantage of this opportunity.
After the acquisitions are complete, CBDD plans to combine the two target companies with CBD existing wholesale business to build a profitable independent CBD/Health and Wellness company that will benefit from the growth of this industry. The Company will then spin off this asset into its own public company, complete with its symbol and ISIN number, to all shareholders of record of CBD of Denver Inc.
