Curaleaf has finalised its $16m acquisition of Canadian cannabis producer Northern Green Canada (NGC), helping the company secure its foothold in ‘key European markets’.
Business of Cannabis reported last month that Curaleaf had announced plans to acquire NGC, one of the few Canadian cannabis producers to hold EU GMP accreditation, enabling it to sell its products throughout Europe.
The deal has seen Curaleaf provide an initial payment of its subordinate voting shares valued at US$16m, with an earnout set to be paid in 2025 based on NGC’s performance this year, half in cash and half in more voting shares.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf.
“This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
https://businessofcannabis.com/curaleaf-completes-16m-acquisition-of-northern-green-canada/
