Majority of capital raised to go towards growth of Colorado facilities and increasing production capacity
DENVER, June 13, 2019 (GLOBE NEWSWIRE) -- Elixinol, one of the most influential CBD brands in the world with nearly three decades of experience in the hemp industry, recently announced that its parent company Elixinol Global (EXL) has raised A$50 million through the issue of approximately 12.8 million shares at A$3.90 per share to institutional investors.
Proceeds acquired will be used to further expand operations in Colorado, Elixinol's U.S. headquarters. Through this expansion, the company hopes to expedite innovation and continue to push the boundaries of its reach through strategic innovations and joint ventures. The rapid growth displayed here is set to amplify the company's presence in the U.S. by increasing production facilities in Colorado by an additional ~23,000 square feet to more than double the company's current production capacity.
"I acknowledge the strong support of new and existing institutional investors to accelerate EXL's expansion in the U.S. and globally. We are witnessing an unprecedented positive shift in consumer appetite for CBD and hemp derived products. Elixinol plans to double its current production capacity in the U.S.," said Paul Benhaim, CEO and co-founder of Elixinol. "Further, by securing additional raw materials, the company will be well positioned to accelerate the growth of Elixinol-branded CBD products and strategic opportunities."
This announcement is one of many in the past several months demonstrating Elixinol's continual growth and rapid movement into the U.S. market within the hemp-CBD space. For more information about Elixinol, please visit www.Elixinol.com.
Colorado-based Elixinol, co-founded by Paul Benhaim, hemp entrepreneur since 1991, is widely regarded as one of the most influential CBD brands in the world. With a proven track record of growing and extracting premium-quality hemp, Elixinol is one of the few CBD hemp extract brands with complete seed-to-sale control over its products. Elixinol also conducts rigorous third-party laboratory testing and quality control. Elixinol distributes hemp-derived CBD products in 40 countries globally including North and South America, throughout Europe, Asia, and the Pacific Region under its own label as well as bulk CBD and wholesale CBD. Elixinol's parent company EXL (elixinolglobal.com) is publicly traded on the Australian Securities Exchange and on the U.S. OTC (ASX:EXL, OTCQX:ELLXF). More information available at Elixinol.com.
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Source: Elixinol LLC