LONDON, UK: Voyager Life Plc has acquired a CBD extraction and manufacturing facility in Poland from Goodbody Health Limited for a consideration of £1.5 million, comprising of £0.5 million in cash and £1.0 million of convertible loan notes.
The acquisition comprises the shares of Sativa Wellness Poland Sp. z.o.o. and Olimax NT Sp. z.o.o., subsidiaries of Goodbody Health, that combined provide CBD extraction and manufacturing at a facility in Bilcza, Poland.
The acquisition of the CBD extraction and manufacturing facility in Poland will allow the Company to create a vertically integrated pan-European group.
Nick Tulloch, Chief Executive Officer and Founder of Voyager Life Plc, said: “This acquisition simultaneously fulfils two of our objectives, namely to extend our business into Europe and complete our vertical integration. Voyager will now be in a position to control the CBD supply chain from extraction to manufacturing to product accreditation to retail.
“As our VoyagerCann manufacturing division has grown, we have increasingly dealt with European customers who, as a consequence of Brexit, may find delivery times are elongated due to customs checks and prices are distorted by customs charges. Going forward, our product range that is already formulated and made in the UK can now be manufactured in Poland and distributed across the European Union’s single market.
“Not only does the acquisition make us more attractive to our B2B customers, given the breadth of services we can now offer, but it also enables us to make very significant cost savings across our product range. The retail prices of CBD products are under pressure and we are now not only well placed to protect our own margins but also to offer better deals to our end customers.
“Concluding this acquisition marks the end of many months of hard work but, with more work to come as we integrate our new Polish facility with the rest of our business, we believe we have laid the foundations to be one of the most important CBD companies in continental Europe.”