- Eurolife Brands (CSE:EURO) has announced its intentions to expand its health and wellness locations in the European market
- The company recently signed a letter of intent to acquire HANF hemp retail stores, which currently has seven locations
- While no formal agreement has been made, Eurolife is continuing its due diligence process while looking to add an eighth location
- A task force has also been established to review the company’s current licensed and owned product lines, as well as further network opportunities
- Eurolife Brands (EURO) is currently steady at 4 cents per share, with a market cap of C$14.05 million
Eurolife Brands (CSE:EURO) has announced its intentions to expand its health and wellness locations in the European market.
Pursuant to a letter of intent dated April 23, 2020, the company has plans to acquire seven HANF hemp retail stores, which have over 300 health and wellness products on their shelves.
As well as undertaking the necessary due diligence requirements, Eurolife is also exploring the possibility of adding an eighth location that will fall under the umbrella of essential services.
Eurolife says that the continued sale of these consumable goods in the face of COVID-19 is a key differentiator in how the company is looking at further growth opportunities.
Over the last eight months, Eurolife has been implementing pivotal supply chain, license distribution and logistics agreements, and has secured raw manufacturing capabilities for product ingredients. It says that these initiatives are central in establishing a long-term presence in the European consumer market.
Much of these deals were made in the last half of financial 2019 and the first half of 2020, and have subsequently driven diverse and consistent asset growth. As such, Eurolife is now moving forward with revenue-producing asset targets over the remainder of this year.
Shawn Moniz, CEO of Eurolife Brands, said that the company is working to have concrete agreements and an established presence in the European market within a short period of time.
“By leveraging our existing consumer platforms and combining them with retail, we are providing a safe and confident consumer shopping experience while synergistically driving revenue across existing business units.
“This cross-pollination of business units is what is allowing the company to move aggressively towards our goal of maximizing shareholder value,” he added.
In support of this, Eurolife has established a dedicated task force to review its licensed and owned product lines, as well as explore further network opportunities.
As part of this, the task force will set out requirements to evaluate market potential, audience growth, revenue forecasts, and logistical and distribution capabilities.
Eurolife Brands (EURO) is currently steady at 4 cents per share, as of 1:58pm EDT.