Curaleaf Holdings Inc. (CURA.TO, CURLF.PK) Tuesday announced a deal to buy Emmac Life Sciences Ltd. for about $285 million, a deal that provides the company entry into Europe's rapidly growing cannabis market.
Curaleaf will pay 85% of the transaction value in voting shares and 15% in cash. The deal is expected to close early in the second quarter.
Boris Jordan, Curaleaf Executive Chairman, stated, "Curaleaf's acquisition of EMMAC, announced today, provides an advanced base to reach scale within the nascent European cannabis market and transform Curaleaf into a truly international cannabis consumer packaged goods company."
The acquisition of Europe's largest cannabis company will bring cultivation, EU-GMP processing, distribution, and R&D operations across several key European medical cannabis markets, including the United Kingdom, Germany, Italy, Spain and Portugal.
Antonio Costanzo, Chief Executive Officer of EMMAC, said "Curaleaf's acquisition of EMMAC is not only a significant milestone for EMMAC, but for the European cannabis market as a whole. As part of Curaleaf, a well-capitalized leader of the U.S. cannabis market, EMMAC is poised to exploit the rapid pace of growth of the European market, driven by regulatory change and the increasing demand for access to premium quality cannabis products.
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