Elixinol Wellness (ASX:EXL) has entered into a Scheme Implementation Deed with The Sustainable Nutrition Group (TSN) under which Elixinol will acquire 100% of TSN?s ordinary shares, as well as its unlisted options.

TSN is a producer, manufacturer and distributor of premium hemp and plant-based health products, and Elixinol offers hemp derived cannabadiol and food products, dietary supplements, topicals, and skincare products.

Upon implementation of the Schemes, TSN shareholders will hold 30% of the merged group and Elixinol shareholders will hold 70%.

EXL will extend loan funding of up to $2M to provide working capital during the period of the Schemes.