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Canadian company Neural Therapeutics Inc. acquired 30.75% of CWE European Holdings Inc. Hanf.com operates a German Hemp Retail Chain.
Neural is a Canadian company which produces psychedelic mushrooms and other functional products.
CWE/Hanf.com operates a nationwide network of approximately 15 franchised or owned outlets selling CBD wellness, hemp-based products and other hemp-based products. It has also established wholesale channels throughout Germany. The company’s range of products includes herbal and wellness formulas without nicotine.
All-stock, no cash
CWE shareholders were issued nearly 80 million shares of common stock valued at CAD $0.05 per share. CWE shareholders now own 47.4% of Neural.
Small-cap companies such as Neural prefer to acquire operating companies, like CWE, through equity transactions rather than by cash.
Neural’s roots can be traced to Filament Health Corp. A Canadian psychedelics firm that spun-off Neural in the year 2021, with a focus on drug development based on mescaline.
A winding trail
In April 2025, the company became public via a reverse acquisition of High Fusion Inc. In the agreement, Neural acquired a High Fusion subsidiary and swapped private shares with public ones. It also took control of the stock exchange, changing its ticker and name to NURL.
The CSE began trading in April last year, as a market for small cap companies.
Neural reported recently that CWE had generated CAD $7.7 million in revenue for fiscal year 2024. This is up 65% on the previous year, and with a net profit of CAD 371,000. Unaudited preliminary figures indicate that revenues for the first six months of 2025 will be approximately CAD 5 million. This is up by 31% compared to the same period of 2024. The operating result should also be essentially breakeven.