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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