Elixinol Global Limited (Elixinol Global) (ASX: EXL; OTCQX:ELLXF) is pleased to announce that its Dutch-based wholly-owned subsidiary, Elixinol BV (Elixinol), has signed an exclusive distribution agreement with Harmonia Life Oy (Distributor or Harmonia Life) for multiple channels in Finland.
Under the terms of the exclusive distribution agreement, the Distributor will sell Elixinol branded products via various retail channels for a period of five years. The exclusivity of the distribution agreement is based on achievement of minimum annual sales targets. The expected contribution to Elixinol Global’s revenue is not material in the short term, however it represents continued execution of its global expansion strategy and is an extension of Elixinol’s current European footprint.
The exclusive distribution agreement with Harmonia Life follows Elixinol Global’s other recently announced exclusive distribution arrangements for Benelux and Switzerland, Germany, United Kingdom and New Zealand and is in line with Elixinol Global’s growth strategy to establish distribution arrangements in targeted locations across various channels to leverage the significant long term opportunities within the global hemp and cannabis market.
Elixinol Global Chief Executive Officer, Mr Stratos Karousos, said: “The distribution agreement with Harmonia Life allows Elixinol to further expand our European operations and launch Elixinol branded products throughout various retail channels in Finland.”
Harmonia Life Managing Director and Owner, Mr Sami Larste, said: “The partnership with Elixinol enables us to distribute the highest quality hemp-derived CBD products throughout Finland, enabling us to capitalise on trends witnessed elsewhere globally. Elixinol is a strong brand with significant global experience in the space. We look forward to developing this relationship further over the coming years.”
About Elixinol Global (ASX: EXL)
Elixinol Global Limited is a global leader in the cannabis industry, selling hemp-derived CBD dietary supplements, hemp food and wellness products, as well as holding a manufacturing licence for medicinal cannabis products.