Curaleaf Completes EMMAC Acquisition, Sells Stake in New International Operation
Chris Furnari - Apr 07, 2021 at 11:21 AM
Curaleaf Holdings has completed its acquisition of Europe’s EMMAC Life Sciences and brought on a new minority partner in the process.
In a news release, Curaleaf said it raised $130 million from an unnamed strategic institutional investor by selling a 31.5% equity stake in its newly established Curaleaf International Holdings business, which holds the EMMAC investment.
According to Curaleaf, the equity sale will fund the $50 million cash component of the EMMAC purchase and leave the company with $80 million to spend on capex and potential future acquisitions. It also values the international business unit at $413 million.
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Weed Giant Curaleaf Acquires London-Based Medical Marijuana Company EMMAC
On Tuesday, March 9th, Curaleaf Holdings announced it had signed an ironclad agreement to acquire EMMAC Life Sciences Limited for nearly $286 million 85% to be paid in Curaleaf shares and 15% in cash.
The acquisition gives Curaleaf a defined lead against other U.S. operators in the European cannabis market. Curaleaf CEO Joseph Bayern commented that the agreement “marks a milestone moment as Curaleaf will immediately become the U.S. multi-state operator with the largest European footprint. Our acquisition of EMMAC will provide a strong platform for the future introduction of our Curaleaf and Select brands into the European market, all leveraging our science, R&D, formulated product and form factor innovations, as well as vast consumer insights that we have built through our leadership position in the U.S.”