Canadian CBD firm expands in Europe with Polish hemp grower

A Canadian company focused on CBD extraction in Europe has bought a Polish hemp grower.

StillCanna acquired Olimax, which grows about 3,700 acres (1,500 hectares) of hemp, in a deal valued at more than 25 million Canadian dollars ($18.6 million).

The cash-and-stock deal includes a cash payment of $2 million, plus 24 million common shares of Vancouver, British Columbia-based StillCanna.

Olimax will use the proceeds to expand a CBD processing facility in Romania.

StillCanna trades on the Canadian Securities Exchange as STIL.

Olimax has a patented high-CBD hemp cultivar and has won Polish agricultural awards for a hemp-harvesting machine it developed.