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EuroLife Brands says on hunt for eighth retail location in Europe amid challenging economic conditions

The move comes after the group's recent deal to buy CWE, which owns and operates HANF Hemp Stores in Germany and Luxembourg

EuroLife Brands -
In recent months, Eurolife said, it has strategically entered into key supply chain agreements, license distribution and logistics agreements, and secured raw manufacturing of product ingredients

EuroLife Brands Inc (CSE:EURO) (OTCMKTS:EURPF) (FSE:3CMA) has revealed it is on the hunt for an eighth retail location in Europe to sell health and wellness goods as it continues its bid to grow its business in the region.

The move comes after the group's recent deal to buy CWE, which owns and operates HANF Hemp Stores in Germany and Luxembourg, announced earlier this month.

READ: EuroLife Brands looking to enter the mushroom superfood space in Europe

"With seven locations and currently over 300+ health and wellness SKUs on the shelves, Eurolife is looking to have continued retail-focused prosperity during these economic conditions," the firm said in a statement on Monday, referring to the HANF deal.

The company said it is now working on the due diligence period to secure an eighth location that is also under the "essential service" category to provide consumable goods and products, it told investors.

"EuroLife is working to have formalized agreements and have an established physical and digital foothold within the European market in a relatively 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," Shawn Moniz, CEO of Eurolife said in a statement.

Aside from the HANF deal, announced on April 24, the firm also recently told investors it was keen to get into the mushroom superfood sector in Europe in the same way it has entered the cannabis and hemp marketplace

In Monday's statement, Eurolife said: "All these imperatives have been key to establish a long-term presence within the European Consumer Market. These agreements (pending finalization) are the foundation of the larger retail operations for Eurolife Brands' European Business Model.

"With diverse and stable asset growth established through agreements reached in the latter half of 2019 and into the first two quarters of 2020, the executive team is moving forward with revenue producing growth asset targets for Q3 and Q4 2020," it said.

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Quick facts: EuroLife Brands

Price: 0.26 CAD

Market: CSE
Market Cap: $9.9 m

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