Curaleaf set to expand into European market following $286M acquisition
Photo | Courtesy of Curaleaf
Curaleaf's marijuana dispensary in Oxford
Curaleaf, a cannabis company headquartered in Wakefield with a dispensary in Oxford, is officially moving into the European market following an announced $286-million acquisition of EMMAC Life Sciences Ltd., the largest vertically integrated independent cannabis company on the continent, the company announced on Tuesday.
Some 85% of the purchase will be paid in Curaleaf subordinate voting shares, with the remaining 15% paid in cash.
“Curaleaf will seek to leverage our branded cannabis consumer packaged goods strategy across Europe, a market which provides for cross-border cannabis distribution,” said Boris Jordan, the company’s chief executive chairman. “The European cannabis market has the potential to exceed the U.S. cannabis market over the long-term and will help fuel our growth for years to come."
The expansion comes shortly after Curaleaf opened its 101st dispensary in Maine last month. The company operates, in addition to its dispensaries, 23 cultivation sites and more than 30 processing sites, with roughly 3,900 employees nationwide.
The company saw a 184% increase in total revenue in 2020, reporting $626.6 million for the year compared to $221.0 million in 2019. In turn, Curaleaf reported a gross profit of $125.5 million in 2020, compared to $42.3 million in 2019, a 176% increase.
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