Montreal, Quebec–(Newsfile Corp. – February 10, 2022) – Elixxer Ltd. (TSXV: ELXR) (OTCQB: ELIXF) (“Elixxer” or the “Company) is proud to announce that one of its investee companies, Evolution BNK (“Evolution“) based in Pavia, Italy, is now fully operational. Over the course of 2021, Evolution completed its indoor growing facility and obtained all governmental approvals to initiate the harvesting of medical grade cannabis.
Notwithstanding a very short production window for the period up to the end of December 2021, Evolution managed to garner initial sales of EUR 527,000 and, according to Evolution’s management team, has already secured orders for EUR 626,000 so far this year, with a forecast of EUR 2.4 million anticipated for the year 2022 due to growing demand for CBD based products in Italy. Estimated costs for 2022 are EUR 1.3 million (excluding taxes) with an EBITDA of EUR 1.6 million. These revenues were generated by the sale of biomass and trimmed flowers and distributed through strategic partnerships that Evolution established with various distributors in both the retail and pharma sectors. It should be noted that none of the figures provided in this release have been audited. Elixxer invested EUR 3 million via convertible debt in Evolution when it was a pre-revenue company and has the right to convert into 49% of the equity and receives a 5% royalty on sales.
Ferras Zalt (CEO) said, “the Canadian cannabis market is over supplied and real growth opportunities in Cannabis are in Australia and Europe. Similar to the success of Little Green Pharma in Australia, we plan to work with management at Evolution to take the company public or sell it to a strategic partner. We believe it will create significant value for Elixxer shareholders”.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).
Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
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