Curaleaf Holdings said Tuesday it signed a $286 million definitive agreement to acquire London-based medical marijuana company Emmac Life Sciences, giving the Massachusetts-based multistate operator a major foothold in the European cannabis market and a leg up on rival businesses. The terms of the deal call for Curaleaf to pay $286 million upfront, with 85% in Curaleaf stock and 15% in cash. The transaction includes another $57 million dependent on achieving certain performance targets, meaning the deal ultimately could total up to $343 million. Emmac, already a vertically integrated cannabis company, has an existing footprint in eight European countries, including the United Kingdom, Germany, Italy, Portugal, and Spain. The company exports cannabis grown in Portugal to the Israeli marijuana market, for instance, and it plans to ramp up production capacity significantly this year, according to a press release. Curaleaf currently operates in 23 states with 101 dispensaries, 23 cultivation sites, and more than 30 processing sites.
Marijuana Business Daily, 03/09/2021 18:47:00