Elixinol Wellness (ASX:EXL) has successfully resolved its arbitration proceedings against the shareholders of German company CannaCare Health GmbH.

Elixinol Wellness is entitled to receive payments plus interest amounting to approximately 543,000 EUR (AU$835,000) within 30 days.

The company previously announced an intended acquisition of CannaCare, but due to a change in the German market outlook, the acquisition was not in the best interest of Elixinol Wellness’ shareholders and the parties entered into a Termination and Withdrawal Agreement.

CannaCare failed to pay the monies owed under the Termination Agreement and Elixinol Wellness was forced to commence arbitration to recover the funds.

Elixinol Wellness is focused on innovating, marketing, and selling hemp and other plant derived nutraceutical, cosmetic, and food products in the Americas, Australia, and the United Kingdom.