Curaleaf completes acquisition of German jar producer Four 20 Pharma
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has completed the acquisition of a German producer and distributor of fully EU-GMP and GDP-licensed medical cannabis.
On Monday, the Massachusetts-based producer announced that it had completed the acquisition of 55% of the capital of the German producer Four 20 Pharma. Curaleaf is poised to gain full control of the company two years after adult use began in Germany in early 2024.
Germany is estimated to be one of the largest medical cannabis markets in Europe with a market of over €200 million in 2022 and is expected to reach almost €1 billion by the end of 2024 via the legalization of adult use, which should begin in late 2023 or early 2024.
“We are delighted to complete the transaction with Four 20 Pharma and I am personally delighted to welcome Torsten and Thomas to the Curaleaf family,” said Curaleaf Executive Chairman Boris Jordan.
“Our first objective Europe gave Curaleaf a tremendous strategic advantage and a solid footing in one of the industry’s critical global markets. Curaleaf is the only US MSO in a unique position to capitalize on this opportunity,” he added.
Curaleaf Chairman Miles Worne said this is an ideal fit to accelerate the company’s growth in Germany as it prepares for its conversion from medical cannabis to adult use.
“Curaleaf International continues to grow our platform in eight markets, and this agreement further underscores our aspiration to be a major player in the European market and the global industry leader,” said Worne.
Read more: Curaleaf buys 55% of German licensed jar producer Four 20 Pharma
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New dispensary in Allentown, Pennsylvania
Curaleaf also announced that it has expanded operations to 18 locations in Pennsylvania and 137 in the United States after opening a new dispensary in Allentown on Saturday.
“We are thrilled to deepen our roots in Keystone State with the opening of Curaleaf Allentown, our first dispensary in Lehigh County“said CEO Matt Darin.
“Pennsylvania welcomed six new Curaleaf locations this year, and we remain committed to expanding access to high-quality medical marijuana products for the state’s growing number of medical patients.
Curaleaf shares fell 1% to $7.77 on Monday on the Canadian Securities Exchange.