Benzinga | Nov 3, 2021 02:58PM EDT

Alternative Medical Products Announces Acquisition of German CBD Wellness Company

AMP Alternative Medical Products Inc. (Frankfurt: C4TA) (ISIN: CA0318961038) (CSE:XCX) announced Wednesday that it has acquired Greenrise GmbH, a German-based CBD wellness company whose brands include Herbify and CANAVEX.

Under the deal, the Berlin-based supplier of medical cannabis, which was recently chosen as an exclusive marketing partner for all Aphria branded products imported or cultivated in Germany, issued 4.29 million of its common shares at CA$1.46 million ($1.17 million) or CA$0.34 per share to Greenrise GmbH's founders, Hendrik Knopp, Florian Witt, and Alex Hintz, who agreed to join the leadership team of the newly combined company.

In addition, the company agreed to change its name to Greenrise Global Brands Inc.

The company expects that its common shares will commence trading on the Canadian Securities Exchange under its new name on or about Monday, Nov. 8, subject to approval from the CSE.

"This strategic and timely acquisition allows the Company to expand into the lucrative CBD wellness space, which increases our scale and operating capabilities and is anticipated to lead to strong sales and overall financial performance," Dr. Stefan Feuerstein, the company's president and director said.

Knopp, a cannabis entrepreneur and founder of Nuuvera Inc., which Aphria Inc., now Tilray, Inc (NASDAQ:TLRY), acquired, was appointed to the board of directors of Greenrise Global.

"Greenrise Global is perfectly positioned to actively participate and grow sales in all aspects of the legal cannabis markets in Germany, especially the pending recreational market," Knopp said.

Witt and Hitz, both highly experienced executives with strong sales, marketing, operations and regulatory experience in the German cannabis industry, have been appointed chief operating officer and chief product officer, respectively.

As the CBD market develops, Greenrise Wellbeing will launch additional brands for vapes, liquids, topicals and cosmetics as well as innovative multi-channel content and social media marketing strategies.

Photo: Courtesy of Andrea Piacquadio from Pexels