"We continue to leverage our network of contacts throughout Europe and look to Switzerland with great interest," said Derek Ivany, chairman of the EuroLife Brands advisory board.
"The country has a robust CBD marketplace and is becoming more accepting to the use of hemp and cannabis for improved health and wellness. Initial discussions indicate the possibility of numerous upstream and downstream M&A opportunities that builds on EuroLife's strategy outlook."
The firm has set up a due diligence trip to include strategic meetings with leading hemp companies guided by Ivany, who is also president of JJ WOLF Investments - the merchant banking and advisory firm, which was retained to seek and assess opportunities within premium CBD markets in Europe on behalf of EuroLife.
"Our previous work with Mr. Ivany and JJ Wolf led to the opportunity to acquire an ownership position in one of the largest hemp operations in the EU," said Shawn Moniz, CEO of EuroLife.
"We expect to build off of our success in Germany with potential new partners, projects and capital based in Switzerland. We are working diligently toward our mandate of establishing EuroLife Brands as one of Europe's premium hemp CPG companies."
In 2013, cannabis was decriminalized in Switzerland and three years later, the cultivation of CBD-rich hemp with up to 1% THC was approved by the government.
Swiss cannabis flower is sold as a tobacco substitute and is used in a wide range of medical products.
Earlier this week, EuroLife revealed it had been granted a participation right in a state-of-the-art industrial hemp cultivation operation near Dresden, Germany. It has the right to purchase 20% of a to-be-formed German corporate entity, which will own the Dresden hemp cultivation complex.
It provides the chance to break into the burgeoning market for hemp and cannabidiol (CBD) across Europe and transform itself into one of the biggest cultivators of hemp on the continent.
Also today, the company said it has issued a total of 1,513,090 shares at a deemed price of $0.055 each to various consultants, in lieu of cash, for past services for the firm.
Shares in Toronto added 10% to C$0.055 each.
---Updates for share price---
Contact the author at [email protected]