A CBD and hemp-oil manufacturer in Colorado has plans to buy a cannabis-growing operation in Switzerland.
CBD of Denver expects to close on the purchase of CBDWelt24 GmbH and its two hemp cultivation facilities in Switzerland by the end May. The purchase price was not disclosed.
According to a statement released on Wednesday, CBDWelt24‘s annual revenue is estimated at $800,000 to $1,200,000. Hemp Industry Daily was unable to locate the Swiss company or its owners.
Switzerland, a non-European Union-member state, allows the cultivation of nonmedical cannabis with THC levels below 1%.
CBDD’s controlling shareholder, Swiss Industries Ventures, said it is devoting resources to expand the manufacturer’s revenue stream.
“This is only the beginning,” Swiss Industries CEO Marcel Gamma said. “We have the business expertise and personnel to make this a success story, and we will not rest until we have reached our goals of opening multiple retail outlets, grow facilities, building an extraction lab, and expanding our wholesale operations with CBDD.”
CBD of Denver trades on over-the-counter markets as CBDD.
