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Cannabis giant Curaleaf Holdings, Inc. (TSX:CURA) (OTCQX:CURLF) is closing its previously announced acquisition of Northern Green Canada, a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification.
Terms of the acquisition of NGC include an initial payment at closing of the company’s subordinate voting shares valued at approximately $16 million, subject to a typical post-closing adjustment.
In addition, an earnout may also be paid in 2025 based upon the 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional subordinate voting shares.
The deal boosts Curaleaf's strategic advantage in established European markets including Germany, Poland and the United Kingdom while providing a foothold in the emerging markets of Australia and New Zealand, the company said on Monday in a press release.
"The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection," the company said.
Given NGC's longstanding role as a key supplier to Curaleaf's Four20 brand, this acquisition marks a significant milestone in Curaleaf's expansion strategy, particularly in Europe.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” Boris Jordan, founder and executive chairman of Curaleaf, said. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high-quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
Jordan recently told the crowd gathered at the Benzinga Cannabis Capital Conference in Florida that Curaleaf is seeing positive trends following cannabis legalization in Germany.
In the first two weeks that cannabis was removed from the narcotics lists, there has been a five-fold increase in patients approaching telemedicine platforms, he said, suggesting cannabis demand is rising quickly.
The new law that legalized cannabis partially in Germany took effect on Monday, April 1, making it the third country in Europe to legalize adult-use marijuana after Malta and Luxembourg.
See also: Curaleaf Poised To Dominate German Cannabis Market As Government Moves To Legalize
Curaleaf’s shares traded 1.21% lower at $4.88 per share at the time of writing on Monday morning.
