Reports Significant Market Opportunity for Global Sauces, Condiments and Dressings
Toronto, Ontario--(Newsfile Corp. - January 23, 2020) - EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTC Pink: EURPF) ("EuroLife" or the "Company"), a vertically integrated enterprise focused on the pan-European hemp, cannabinoid, and health and wellness sector, is pleased to announce an update to the definitive agreement with 9385-4594 Quebec Inc. announced on December 31, 2019, to acquire the global rights in more than 75 jurisdictions, to a portfolio of CBD infused food products including hot sauce, olive oils and related products.
"Our research indicates a significant market opportunity within the European Union, the greater European region and around the world for CDB infused food products," said Shawn Moniz, CEO of EuroLife. "Our first priority is to successfully launch within the European Union and then move to other friendly CBD jurisdictions. We are working towards facilitating a favourable distribution setup as we prepare to take our products to market. We look forward to incorporating these high-quality hot sauces, olive oils and related products into our growing line of CBD infused food products."
The EuroLife portfolio of CBD based food products will compete in the large and growing global market category of sauces, dressings, and condiments. A recent analyst reports from Global Industry Analysts suggest the a current worldwide annual market value of approximately US$5.2 billion, which is projected grow by US$11.7 billion over the next five years, driven by a compounded growth of 4.9%. Europe, an important economic block of countries in the world economy, will add over US$747.9 million to the region's value in the next 5 to 6 years.
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The definitive agreement for premium CBD food products adds to a growing portfolio of hemp and CBD products with underlying production assets focused on the European Union (EU), the United Kingdom (UK) and related European countries.
EuroLife will leverage its unique positioning in the European cannabis industry to generate sales and capture market share with the portfolio of CBD based sauces, oils and other products in the cannabis friendly jurisdictions of the European Union and the greater European continent. More and more countries are recognizing the health and wellness benefits of CBD infused products, creating a significant opportunity for EuroLife.
EuroLife's jurisdictional portfolio also includes the USA, South American and other regions of the world where the legislation to legalize cannabis is progressing.
About EuroLife Brands Inc.
EuroLife Brands (CSE: EURO) (FSE: 3CMA) (OTCPK: EURPF) is a leading global markets cannabis brand empowering the medical, recreational and CPG cannabis industry worldwide through a data-driven CBD marketplace supported by exclusive and unbiased physician-backed cannabis education and detailed consumer analytics.
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Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
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