Toronto-based Ramm Pharma Corp. acquired HemPoland from The Green Organic Dutchman Holdings for 1.2 million Canadian dollars ($910,000) in cash.
In a news release, Ramm said the acquisition provides access to HemPoland’s “distribution network, recognized premium brands, hemp oil extraction technologies, and an additional synergistic foothold into the European market.”
This is the second move by Ramm into Europe, following its acquisition of Sicily, Italy-based Canapar Corp. in 2021.
The sale is the latest asset to be sold by a Canadian licensed producer for significantly under cost.
In 2018, Mississauga, Ontario-based TGOD agreed to buy HemPoland, a promising business based in Elblag, Poland, for CA$20.4 million in cash and stock.
At the time, the Canadian company said it planned to invest another CA$13.5 million in the business to fund product development and European expansion.