Australian CBD company Elixinol Global raised $40 million Australian dollars ($29 million) in a new share placement to ramp up sales and marketing efforts in the United States and Europe.
The capital raise comes less than a week after the company announced its wholly owned subsidiary, EXL International Holdings, increased its stake in Hemp Foods Japan, from 35% to 50.5%. As part of the move, Hemp Foods Japan will change its name to Elixinol Japan.
Elixinol makes CBD products for humans and pets and is seeking approval to enter the Australian medical marijuana market.
The international expansion underscores Elixinol’s move to enhance global market share.
“After many years working closely with the Japanese team to promote our products, we are seeing signs that this market is poised for growth and that the regulatory support is there,” CEO Paul Benhaim said in a statement.
Elixinol Global is traded on the Australian Stock Exchange under the symbol EXL.
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