Mar 12, 2021 09:10 pm
By Chloe Aiello
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U.S. cannabis company Curaleaf agreed to acquire London-based Emmac Life Sciences in a $286 million deal that represents the company’s first step into the burgeoning European cannabis market.
“We think, although the market is just emerging, it's the addressable opportunity in Europe could actually be bigger than the addressable opportunity in the U.S., and this gives us an unparalleled platform to be able to build on,” Curaleaf CEO Joe Bayern told Cheddar.
The cash and stock transaction is expected to close early in the second quarter of 2021.
Cannabis multistate operator Curaleaf already has a substantial presence across the U.S. market. Following its $830 million acquisition of Grassroots Cannabis, which closed in July, the company has a footprint across 23 U.S. states including Arizona and New Jersey, where voters recently approved adult-use legalization. The Emmac acquisition grants Curaleaf access to the expanding European medical cannabis market.