Curaleaf takes over Northern Green Canada (NGC)

yippy
1 min
May 10, 2024 6:22:39 PM

Curaleaf has announced the acquisition of Canadian cannabis producer Northern Green Canada (NGC), a strategic move to further expand the company in Europe and Australasia.
The transaction is expected to close in the second quarter of this year and is considered a key milestone in Curaleaf's global growth strategy.

NGC is one of the few Canadian manufacturers to have EU GMP approval, which is a prerequisite for commercializing cannabis products in the European market. Curaleaf emphasizes that NGC has been a key supplier for some time and the acquisition will provide a reliable and consistent supply of EU GMP-certified cannabis flower. This strategic move is expected to strengthen Curaleaf's position in the German market, secure its market leadership in the UK and further strengthen its position in Poland through a first mover advantage.

Through the integration of NGC, Curaleaf expects a significant increase in profit margins in Europe and an expansion of its market presence in Australasia. In addition, NGC's production facility offers the opportunity to easily expand cultivation areas and production capacity as required.

In Germany, a key market for Curaleaf, the company plans to begin sales by the end of the year, supported by the expected expansion of the cannabis industry.

The acquisition comes shortly after the announcement of a new supply agreement with Astrasana Pharma s.r.o. in the Czech Republic, a new market for Curaleaf.

Boris Jordan, CEO of Curaleaf, emphasized the strategic importance of the German market: “The opportunities in Germany are significant and we are strategically well positioned to exploit and further expand them. Our aim is to provide the highest quality products in all the markets in which we operate and we look forward to welcoming the NGC team to the Curaleaf International family.

Juan Martinez, Head of Curaleaf International, added: “With NGC's range of non-irradiated indoor flowers and existing production in Portugal, which can be expanded according to market demand, Curaleaf now has an extensive range of high-quality GMP-certified products and the capacity for future expansion to meet growing demand in Europe. We expect other EU countries to follow Germany's lead and further develop their medical cannabis programs to improve access for patients.

Topics: cannabis hemp