TORONTO: CanaFarma Hemp Products Corp. (formerly KYC Technology Inc.) has commenced trading on the Deutsche Börse (Frankfurt Stock Exchange) in Frankfurt, Germany.
The Deutsche Börse is the 9th largest stock market in the world, with a market capitalization of $2,339 billion. Last year, it facilitated 1.947 million contracts (as reported in the 2019 Deutsche Börse Annual Report).
David Lonsdale, CEO of CanaFarma commented: “We are very pleased to expand our trading base to include one of the most important stock markets in Europe. CanaFarma is fortunate to have investors from all around the world and we expect the Frankfurt Stock Exchange to be a convenient trading market for many of our investors.”
Moreover, CanaFarma Hemp Products Corp. has signed a Letter of Intent (LOI) with a privately held company to acquire a manufacturing facility for its hemp oil-based consumer products operations.
The potential acquisition would include a 25,000 square foot facility in New Jersey, of which the private company currently uses a small part of the facility to manufacture certain pharmaceutical and nutraceutical products under “current Good Manufacturing Practices” (cGMP).
It is the Corporation’s intention to acquire and continue to produce these products under the cGMP designation, as well as to expand the use of the facility to manufacture Canafarma’s YOOFORIC brand hemp oil-based consumer products.
The LOI is non-binding and a due diligence period is currently underway which, if successful, will be followed by the negotiation of a definitive agreement for the acquisition of all of the assets of the private company.
CanaFarma Hemp is a full-service company operating in the hemp industry offering a full range of hemp related products and services. These products and services include growing top-quality hemp, providing hemp-processing services, and offering hemp-based products to consumers utilizing a direct-to-consumer marketing approach.