Hashish multistate operator Curaleaf Holdings accomplished its acquisition of Northern Inexperienced Canada, a licensed producer in Ontario whose focus has been on worldwide markets.
The phrases of the acquisition embrace an preliminary fee at closing of Curaleaf’s subordinate voting shares valued at roughly $16 million (22 million Canadian {dollars}), in keeping with a Monday information launch.
The deal additionally consists of an earnout based mostly on the 2024 efficiency of Northern Inexperienced Canada (NGC) value as much as 50%, paid in money and extra shares.
Curaleaf mentioned it made the transfer to “amplify” its strategic benefit in European markets, together with Germany, Poland and the United Kingdom.
It additionally provides the New York-based MSO a foothold within the rising markets of Australia and New Zealand.
“We’re thrilled to welcome NGC formally to the Curaleaf household of worldwide manufacturers,” CEO Boris Jordan mentioned in a press release.
“That is an extremely vital deal for our worldwide growth technique, as we’ll have the ability to bolster our provide of top of the range (European Union-Good Manufacturing Follow) EU-GMP licensed flower instantly to key European markets in addition to enter the fast-growing markets of Australia and New Zealand.”
Northern Inexperienced Canada, which was privately owned, has a facility in Brampton, Ontario.
The ability has EU-GMP certification – an important step to exporting medical cannabinoids to international markets.
Canada has exported extra medical marijuana than every other nation in recent times.
Prior to now fiscal 12 months, which led to March 2023, Canada exported medical hashish merchandise value roughly CA$160 million.