Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has finished acquiring a fully EU-GMP and GDP-licensed German medical cannabis producer and distributor.
On Monday, the Massachusetts- based producer announced that it has completed acquiring 55 per cent stake in the German producer Four 20 Pharma. Curaleaf is set to acquire complete control of the company after two years of the start of adult-use in Germany in early 2024.
Germany is estimated to be one of the largest medical cannabis markets in Europe with a market of over €200 million in 2022 and expected to grow to nearly €1 billion by the end of 2024 via adult-use legalization, which is slated to begin in late 2023 or early 2024.
“We are pleased to complete the transaction with Four 20 Pharma and I am personally thrilled to welcome Torsten and Thomas to the Curaleaf family,” Curaleaf’s executive chairman Boris Jordan said.
“Our early focus on Europe has given Curaleaf a formidable strategic asset and strong foundation in one of the industry’s critical global markets. Curaleaf is the only U.S. MSO uniquely positioned to capitalize on the opportunity,” he added.
Curaleaf president Miles Worne said this is an ideal asset to accelerate the company’s growth in Germany as it readies for its conversion from medical cannabis to adult use.
“Curaleaf International continues to build our platform in eight markets, and this deal further underscores our aspiration to be a major player in the European market and the global industry leader,” said Worne.
New dispensary in Allentown, Pennsylvania
Curaleaf also announced it has expanded its operations to 18 locations in Pennsylvania and 137 in the U.S. after it opened a new dispensary in Allentown this Saturday.
“We are excited to deepen our roots in the Keystone State with the opening of Curaleaf Allentown, our first dispensary in Lehigh County,” CEO Matt Darin said.
“Pennsylvania has welcomed six new Curaleaf locations this year, and we remain committed to expanding access to high-quality medical marijuana products for the state’s growing body of medical patients.”
Curaleaf stock went down on Monday by 1 per cent to $7.77 on the Canadian Securities Exchange.