Curaleaf has introduced the acquisition of Canadian hashish firm Northern Inexperienced Canada (NGC) because it eyes additional enlargement into Europe and Australasia.
The deal, which is predicted to shut within the second quarter of this yr, has been billed as a ‘important milestone in Curaleaf’s enlargement technique’.
NGC is among the few Canadian hashish producers to carry EU GMP accreditation, enabling it to promote its merchandise all through Europe.
In response to Curaleaf, to which NGC has been a longstanding key provider, this deal will present a ‘safe and constant’ EU GMP flower provide, ‘making certain a number one place’ within the German market and enabling it to take care of its main place within the UK, whereas increasing its first mover benefit into Poland.
By integrating the Canadian firm, Curaleaf can ‘considerably enhance its European margins’, and lengthen its world attain to ‘Australasian markets’.
Moreover, NGC’s facility may be simply constructed out to accommodate extra develop rooms and capability, relying on demand.
Germany has lengthy been in Curaleaf’s sights, with it stating final yr that it anticipated to start promoting available in the market, which may quickly considerably increase its hashish business, by the tip of this yr.
The information comes simply days after its worldwide arm introduced plans to increase into the Czech Republic, a brand new marketplace for the corporate, via a brand new provide settlement with Astrasana Pharma s.r.o.
Boris Jordan, govt chairman of Curaleaf, mentioned: “The chance in Germany alone can’t be understated, and we proceed to arrange strategically for that second and past. We’re dedicated to delivering the very best high quality flower in each market we function, and we’re thrilled to welcome the NGC group to the Curaleaf Worldwide household.”
Juan Martinez, head of Curaleaf Worldwide, mentioned, “With the addition of NGC’s indoor non-irradiated flower, coupled with present manufacturing from Portugal that may be quintupled as demand dictates, Curaleaf can have ample top quality GMP provide and future enlargement capability to fulfill rising market wants. We anticipate different EU international locations to comply with Germany’s lead in advancing their medical hashish packages to extend affected person entry.”
