Curaleaf enters European cannabis market in “significant milestone”

US cannabis giant Curaleaf is to enter the European market with the takeover of EMMAC Life Sciences in $285 million deal.

Curaleaf has agreed to purchase EMMAC, Europe’s largest independent cannabis company in a $285 million deal in what is described as a “significant milestone” for the European market.

Curaleaf Holdings is a popular US provider of consumer products in cannabis, with brands, including Curaleaf, Select and  Grassroots, providing industry-leading service, product selection and accessibility across the medical  and adult-use markets. 

It currently operates in 23 states with 101 dispensaries, 23 cultivation  sites and over 30 processing sites, and employs over 3,800 team members across the US.

This latest move provides Curaleaf with a developed platform to enter the European cannabis market. 

As Europe’s largest vertically integrated independent cannabis company, EMMAC’s platform brings 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. 

EMMAC also has an operational presence and partnerships in EU countries that are enacting new medical cannabis access programs, with its Portugal-based cultivation facility leading the way in cannabis flower production cost. 

Commenting on the announcement, Curaleaf’s executive chairman, Boris Jordan said looking forward, the European cannabis market has the potential to exceed that of the US.

“Curaleaf’s acquisition of EMMAC 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,” said Jordan.

“The consumer and political liberalisation trends around cannabis that are sweeping the US are also  increasingly taking hold in Europe. Curaleaf will seek to leverage our branded cannabis consumer  packaged goods strategy across Europe, a market which provides for cross-border cannabis  distribution. 

“The European cannabis market has the potential to exceed the US cannabis market over  the long-term and will help fuel our growth for years to come.”

EMMAC CEO, Antonio Costanzo added that the deal was a “significant milestone” for the European cannabis market as a whole.

He commented: “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-capitalised leader of the US 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. 

“The combination of Curaleaf and EMMAC creates a  global platform to address these large new opportunities across Europe. With EMMAC’s science-led  approach, wealth of local market experience, as well as our network of supply and distribution  partnerships throughout Europe, we are now uniquely positioned to reinforce our place as one of  Europe’s leaders in the production and supply of medical cannabis, wellness CBD, hemp and other  derivative products.”