EuroLife Brands Inc (CSE:EURO) (OTCMKTS:CANVF) revealed on Wednesday that it had hired merchant bank and advisory group JJ WOLF Investments Ltd to help it advance the cannabis-focused firm's activity in Europe.
In a statement, the Vancouver-based company also said Steve Loutskou had resigned as chief operating officer (COO), secretary and director to take up a strategic advisory position in the company to streamline efficiencies.
"Having just returned from an extensive European due diligence trip and investor roadshow on behalf of EuroLife, I remain steadfast in my belief that the vast opportunity presented by the continental European HEMP-CBD market is truly still in its infancy," said Derek Ivany, the chairman of EuroLife's advisory board.
"Along with starting to introduce the company to various European institutional and retail investors, we continued investigation of a variety of both upstream and downstream M&A opportunities that could prove highly strategic to the continued evolution of the EuroLife enterprise."
In Europe, the firm particularly wants to establish itself in the burgeoning HEMP-CBD segment of consumer packaged goods.
WOLF manages a portfolio of growth-oriented investments, most of which are focused on cannabis and tertiary industry segments, and it has been involved in several successful transactions for companies in the cannabis-hemp industry.
Ivany highlighted that Canaccord had recently said that the pan-European CBD/wellness industry was estimated to be generating revenue of between €750 million and €1.0 billion for 2018 and 2019.
"As industry consolidation and normalization continues to take hold across the globe, we remain confident in the continued growth prospects that Europe has to offer," he said.
On Loutskou's new role, the firm added: "We see this as a natural progression for Mr. Loutskou's role at EuroLife as we align resource allocations to focus solely on the European markets."
Shares gained 6.67% to stand at C$0.080 each.
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