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May 22, 2022
BUSINESS COMPANIES ECONOMY FINANCE&BANKING

Romania’s EximBank backs Canah International with 1 million lei loan for expansion

EximBank and Canah International, one of the main producers of hemp seed natural products have signed a one million lei financial agreement, aimed at continuing the company’s investments meant to achieve its business goals, reads a press release issued by the bank.

“This cooperation is a special one, as far as we are concerned, given that we have a partner that stands as a real model of entrepreneurship. A model that demonstrates that great ideas can turn at any time in viable businesses, and, if you have a bank by your side that understands your requirements and adapts to your needs, success will shortly ensue. The partnership with Canah International – one of the autochthonous companies having succeeded abroad – confirms again that EximBank represents a source to be exploited by the Romanian companies looking for financial instruments necessary to develop their business both inside and outside the country’s borders,” Traian Halalai, Executive President of EximBank said.

Canah International – the first producer of hemp oil in Romania and the only integrated and ecologically certified processor of hemp seeds from Europe, which manufactures all the products (organic and conventional) derived from these seeds – has its production based in Salonta, western Bihor county, the factory having been built in 2007 from SAPARD funds.

The company permanently invested in modernization, so that in 2015 the company doubled its processing capacity to 2,000 tons of seed/year, a project that was also carried out with the support of EximBank.

80 percent of the company’s products – hemp oil, hemp oil capsules, husked seeds and hemp flour – are delivered abroad, especially in Western European countries, but also in the U.S. under the Canah brand or under a private label, the rest of the products being distributed on the domestic market.

“The new investment project represents a necessary step in the development of our company and mainly aims at expanding the storage capacity and purchasing of production equipment that will enable us to improve the quality of the products. We want to continue to grow, diversify our range of products and to strengthen our top position on the global market we are active in. So it is important for us to pursue our investments and we are delighted that we have managed to find EximBank as a partner to support our approach,” said Dan Lazarescu, founder and manager of Canah International.

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