Summary: Curaleaf Holdings, through its subsidiary Curaleaf International, has acquired a cannabis processing facility in Portugal from Clever Leaves. The facility will process cannabis cultivated in nearby Alcochet and will help meet market demands in Britain and Germany. The acquisition is part of Curaleaf’s strategy to streamline its production processes and expand its cultivation capabilities in Europe.
Curaleaf Expands in Europe with Clever Leaves Facility Purchase
Curaleaf Holdings, a New York-based marijuana multistate operator, has made a significant acquisition through its wholly owned subsidiary, Curaleaf International’s Terra Verde LDA. The company has purchased a processing facility in Portugal from Clever Leaves, a Colombian cannabis company. According to a news release from Clever Leaves, the sale will result in gross proceeds of approximately 2.5 million euros ($2.7 million) for them.
The acquired facility, located in Setúbal, Portugal, is certified with (EUGMP) European Union Good Manufacturing Practice standards. Curaleaf International states in a separate release that this acquisition will streamline and expedite their operations in the European Union. The facility spans 900 square meters of factory space and 750 square meters of warehouse space. Its primary function will be processing cannabis cultivated in the nearby Alcochet region. This acquisition will enable Curaleaf’s subsidiary to meet the market demands in both Britain and Germany.
Curaleaf CEO Matt Darin expressed his excitement about the acquisition, stating that it will enhance their production processes, expand their cultivation capabilities, and position Curaleaf International for responsible and substantial growth in the coming years as cannabis adoption increases throughout Europe.
For Clever Leaves, this deal signifies their exit from the cannabis market in Portugal. The funds generated from the sale will be allocated towards working capital and general operational expenses.
[Source: MJBizDaily]
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