Curaleaf to Acquire Northern Green Canada to Bolster European Flower Supply
- Curaleaf acquires Northern Green Canada to enhance its supply chain in key growth markets.
- The deal allows Curaleaf to increase its European margins and extend its global footprint.
- Northern Green Canada's EU-GMP certification provides Curaleaf with a secure and consistent high-quality flower supply.
- The acquisition marks Curaleaf's expansion strategy milestone, particularly in Europe.
- Curaleaf anticipates significant growth in the German market following the removal of cannabis from the narcotics list.
- The deal is expected to be highly accretive and marks Curaleaf's entry into the Australasian markets.
- Curaleaf aims to maintain its leadership position in the U.K. and expand into Poland with this acquisition.
- The deal is set to close in the second quarter of 2024, pending regulatory approvals.
- None.
Deal Provides Curaleaf Strategic Supply Chain Advantage in Key Growth Markets of
NGC is one of the few Canadian cultivators with EU-GMP certification. As such, NGC has consistently supplied high THC, non-irradiated flower to the German market, which is expected to see exponential growth following the recent removal of cannabis from the narcotics list. NGC is also increasingly supplying
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
Boris Jordan, Executive Chairman of Curaleaf, stated, "We expect the NGC acquisition to be a highly accretive deal that marks Curaleaf's first step into the Australasian markets, creating a true global cannabis company with global brands. It allows Curaleaf to safeguard our position in
Juan Martinez, Head of Curaleaf International, added, "The NGC deal complements our Portuguese cultivation and processing assets, which we continue to expand and develop. With the addition of NGC's indoor non-irradiated flower, coupled with existing production from
Lisa McCormack, President and CEO of Northern Green Canada, said, "The NGC team is excited to become a part of the Curaleaf family. As their longstanding commercial partner, we believe we can help accelerate Curaleaf's growth in global markets. We are committed to providing high quality GMP products under the umbrella of the largest global cannabis company in the world."
The deal is expected to close in the second quarter of 2024, pending all regulatory approvals.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In
About Northern Green Canada Inc.
Northern Green Canada Inc. is a federally licensed, EU GMP-certified producer of medical cannabis, focused on providing cannabis medications for a better quality of life. Their experienced team of experts operates in an EU GMP-certified, 2500 m2 (27,000 square foot) indoor growing and 25-ton processing facility with a 4275 m2 (46,000 square foot) expansion capability. NGC was the first privately-owned Canadian licensed producer of cannabis to have EU GMP certification and in 2023 over
FORWARD-LOOKING STATEMENTS
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or, "proposed", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning Curaleaf's acquisition of Northern Green Canada. Such forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest annual information form filed May 1, 2023, which is available under the Company's SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved, or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
IR@curaleaf.com
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP, Corporate Communications
media@curaleaf.com
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SOURCE Curaleaf Holdings, Inc.
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