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Curaleaf Acquires Northern Green Canada in Strategic International Expansion

The deal bolsters the company's advantage in several key emerging markets, including Australia, New Zealand, Germany, Poland and the United Kingdom.

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Courtesy of Curaleaf

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NEW YORK, April 22, 2024 – PRESS RELEASE – Curaleaf Holdings Inc., a leading international provider of consumer cannabis products, closed its acquisition of Northern Green Canada (NGC), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Curaleaf’s strategic advantage in established European markets, including Germany, Poland and the United Kingdom, and provides a foothold in the emerging markets of Australia and New Zealand.

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Integrating NGC's international operation will equip Curaleaf with a secure and consistent high quality, nonirradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the U.K. and Poland.

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"We are thrilled to welcome NGC formally to the Curaleaf family of global brands," Curaleaf founder and Executive Chairman Boris Jordan said. “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."

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The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand, are expected to contribute $6.3 billion of the $55 billion projection.

Terms of the acquisition of NGC include an initial payment at the closing of the company's Subordinate Voting Shares valued at approximately U.S. $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC's operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.

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