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curaleaf northern green $16m

Curaleaf Acquires Northern Green Canada For $16M, Expands European Presence

Cannabis industry mogul, Curaleaf Holdings Inc. has finalized its acquisition of Northern Green Canada. The international cannabis company purchased NGC for $16 million following a March 2024 announcement of the planned procurement.

NGC is one of a small number of Canadian cannabis companies to hold EU-GMP accreditation, meaning the brand can sell its products throughout Europe. This makes further growth in Europe and expansion into Australia and Asia a reality for Curaleaf. The brand already has a strong presence in Germany, the United Kingdom and Poland as well as presence in other parts of the EU.

“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf in April of 2024. “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 March 19 statement proclaims, “Curaleaf, a leading international provider of consumer cannabis products, today announced it has signed a deal to acquire Northern Green Canada, a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. NGC also partners with Canadian GACP cultivators to produce and distribute finished cannabis products to both the domestic and global markets.

NGC is one of the few Canadian cultivators with EU-GMP certification. As such, NGC has consistently supplied high THC, non-irradiated flower to the German market, which is expected to see exponential growth following the recent removal of cannabis from the narcotics list. NGC is also increasingly supplying Australia and New Zealand, the world’s fastest-growing cannabis markets.

Given NGC’s longstanding role as a key supplier to Curaleaf’s Four20 brand, this acquisition marks a significant milestone in Curaleaf’s expansion strategy, particularly in Europe. By integrating NGC, Curaleaf can significantly increase its European margins while extending its global footprint across three continents: North America, Europe, and Australasia (Australia/New Zealand). The deal provides Curaleaf International with secure and consistent high quality indoor EU-GMP flower supply, ensuring the leading position in the growing German market during a critical juncture, while also allowing the Company to maintain its leadership position in the U.K. and expand its first-mover advantage into Poland. Further, NGC’s facility has both ample space and regulatory certification available for modular build-out of additional grow rooms, allowing for increased capacity”.

Terms of the acquisition of NGC by Curaleaf include an initial payment of approximately $16 million USD. An earnout may also be paid in 2025 based upon NGC’s 2024 performance.

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