Bolsters Company's Advantage in Several Key
Emerging Markets, including Australia, New
Zealand, Germany,
Poland and the United Kingdom
NEW YORK,
April 22,
2024 /PRNewswire/ -- Curaleaf Holdings,
Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"),
a leading international provider of consumer cannabis products,
announced today the closing of 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 Company'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.
Integrating NGC's international operation will
equip Curaleaf with a secure and consistent high quality,
non-irradiated, indoor EU-GMP flower supply, essential to
maintaining its leading positions in Germany, the United
Kingdom and Poland.
"We are thrilled to welcome NGC formally to the
Curaleaf family of global brands," said Boris Jordan, Founder and Executive Chairman of
Curaleaf. "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."
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 closing of the Company's Subordinate Voting
Shares valued at approximately US $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.
About Curaleaf Holdings
Curaleaf
Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading
international provider of consumer products in cannabis with a
mission to enhance lives by cultivating, sharing and celebrating
the power of the plant. As a high-growth cannabis company known for
quality, expertise and reliability, the Company and its brands,
including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof
provide industry-leading service, product selection and
accessibility across the medical and adult use markets. Curaleaf
International is the largest vertically integrated cannabis company
in Europe with a unique supply and
distribution network throughout the European market, bringing
together pioneering science and research with cutting-edge
cultivation, extraction and production. Curaleaf is listed on the
Toronto Stock Exchange under the symbol CURA and trades on the
OTCQX market under the symbol CURLF. For more information, please
visit https://ir.curaleaf.com.
Forward Looking Statements
This media
advisory contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. These
statements relate to future events or future performance. All
statements other than statements of historical fact may be
forward–looking statements or information. Generally,
forward-looking statements and information may be identified by the
use of forward-looking terminology such as "plans", "expects" or,
"proposed", "is expected", "intends", "anticipates", or "believes",
or variations of such words and phrases, or by the use of words or
phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. More particularly and
without limitation, this news release contains forward-looking
statements and information concerning the expected benefits of the
acquisition of NGC, and the Company's planned expansion on internal
markets, the Company's anticipated strategic advantages in European
markets and emerging markets, the integration of NGC's internal
operations, the anticipated global cannabis market, and the listing
of shares issuable in connection with the acquisition on the
Toronto Stock Exchange. Such forward-looking statements and
information reflect management's current beliefs and are based on
assumptions made by and information currently available to the
Company with respect to the matters described in this new release,
including the Company's ability to successfully realize the
expected benefits of the acquisition, and the Company's ability to
fulfil the listing conditions imposed by the Toronto Stock
Exchange. Forward-looking statements involve risks and
uncertainties, which are based on current expectations as of the
date of this release and subject to known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including the
failure to realize the expected benefits of the acquisition, or the
Company's failure to fulfil the listing conditions imposed by the
Toronto Stock Exchange. Additional information about these
assumptions and risks and uncertainties is contained under "Risk
Factors and Uncertainties" in the Company's latest annual
information form filed on March 6,
2024, which is available under the Company's SEDAR profile
at http://www.sedar.com, and in other filings that the Company has
made and may make with applicable securities authorities in the
future. Forward-looking statements contained herein are made only
as to the date of this press release and we undertake no obligation
to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by law. We caution investors not to place considerable
reliance on the forward-looking statements contained in this press
release. The Toronto Stock Exchange has not reviewed, approved or
disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment
Officer
IR@curaleaf.com
MEDIA CONTACT
Curaleaf Holdings,
Inc.
Tracy Brady, SVP Corporate
Communications
media@curaleaf.com
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SOURCE Curaleaf Holdings, Inc.