EuroLife Brands Inc (CSE:EURO) (OTCPINK:EURPF) said its CEO Shawn Moniz has exercised over 1.5 million warrants priced above market offer at C$0.05 in a demonstration of his longer-term belief in the potential of the business.
The CEO has now purchased over two million shares in the past 60 days, Toronto-based EuroLife said.
In a statement, Moniz told shareholders that the company’s current share price of C$0.04 is not reflective of the potential of its business plan and the long-term outlook for the health and wellness markets in the European Union.
The cannabis company recently updated shareholders on the pending acquisition of a chain of health and wellness retail locations in Germany and Luxembourg that will “put EuroLife Brands on the European map,” according to Moniz, allowing the firm to obtain the distribution and revenue segment of the business model for end-user products.
CWE European Holdings Inc, a firm which operates a seed-to-sale hemp CBD business in German-speaking countries in Europe, will become a subsidiary of EuroLife. The company owns and operates HANF Hemp Stores in Germany and Luxembourg and offers more than 300 hemp-based products.
“As we navigate these uncharted economic conditions due to the (coronavirus) COVID-19 pandemic, I believe the health and wellness product category will become more evident and more important moving forward,” Moniz said in Monday's statement.
The CEO, who has never sold a share in the company, said he is voluntarily putting the exercised shares in escrow for a 12-month period as a show of confidence in the company’s future.
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