Curaleaf, the largest cannabis company in the U.S., is on its way to become the largest of its kind in the world after announcing a $286 million deal to acquire European marijuana company Emmac Life Sciences.
The Massachusetts-based cultivator and retailer announced Tuesday that it has agreed to acquire Emmac for a combination of cash and stock. The deal, which is expected to close during the second quarter of this year, will expand Curaleaf’s footprint to eight countries, including Germany, Italy, Portugal, Spain, and the United Kingdom.
Going Abroad: Boris Jordan, billionaire chairman of cannabis company Curaleaf, says the European … [+] cannabis market will soon rival the $17.5 billion marijuana industry in the U.S.
PHOTO BY ARSENY NESKHODYMOV FOR FORBES
Boris Jordan, the billionaire executive chairman of Curaleaf, said during the company’s earning’s call on Tuesday that the acquisition is a “transformational launching point” and will turn the company into a dominant force in the global cannabis industry.
first reported by Bloomberg.
Jordan, who owns a $2.5 billion stake in the company, said Europe is part of the company’s long-term growth strategy. Jordan explained during Curaleaf’s earnings call that Europe’s population of 743 million is more than twice of the U.S. and the continent will eventually provide a total addressable market of $120 billion.
“[This is] the first step towards engaging world markets,” said Jordan.
Curaleaf plans to expand its global footprint in step with the march of marijuana reform. European countries have followed a similar trajectory in medical cannabis legalization as seen in the U.S. Over the next few years, some E.U. countries are expected to legalize recreational cannabis. Switzerland and the Netherlands both plan to launch recreational pilot programs this year. Luxemburg is