The company has raised $20 million via an initial public offer of shares at $1.00 each.
Elixinol is already established in the U.S., where it manufactures and distributes industrial hemp-based nutraceuticals, dietary supplements and skincare products.
The company also owns Hemp Foods Australia, which was founded in 1999 and manufactures and distributes industrial hemp-derived products in Australia.
Elixinol’s strategy is to capitalise on the opportunities provided by being invested in a range of emerging cannabis related sectors including hemp, CBD (cannabidiol) nutraceuticals and wellness products.
New favourable cannabis regulation in Australia
Favourable legislative changes in Australia mean that Hemp Foods Australia is now permitted to sell hemp food products, offering the potential to expand distribution channels and grow its market.
In the medicinal cannabis sector, new legislation has been passed in Australia to enable the cultivation of cannabis for medicinal and related research purposes.
Earlier this week, the Australian federal government decided to allow export of medicinal cannabis in a bid to strengthen supply amid growing demand domestically and worldwide.
Elixinol US is an expert in CBD derived products
Subject to obtaining the requisite licences, Elixinol Australia can leverage Elixinol US’s expertise in extraction and processing of CBD derived products.
Each of the businesses within the Elixinol Group was co-founded by Paul Benhaim, a pioneer in the Australian industrial hemp sector.
Benhaim has over 25 years’ of experience in industrial hemp legislation, cultivation, manufacturing, production, sales and marketing in Europe, North America and Australasia.