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Curaleaf buys cannabis producer Northern Green Canada

Northern Green Canada (NGC), a vertically integrated Canadian licensed cannabis producer, has been acquired by Curaleaf Holdings Inc., an international provider of consumer cannabis products.

The financial terms of the deal have not been disclosed.

NGC focuses primarily on expanding in the international market through its EU-GMP certification, and also partners with Canadian GACP cultivators to produce and distribute finished cannabis products to both the domestic and global markets.

In a press release, Curaleaf officials described NGC as one of the few Canadian cultivators with EU-GMP certification, which allows it to sell medical cannabis into Europe. “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,” they said. “NGC is also increasingly supplying Australia and New Zealand, the world’s fastest-growing cannabis markets. By integrating NGC, [we] can significantly increase [our] European margins while extending its global footprint across three continents: North America, Europe, and Australasia.”

Further, NGC’s facility has both ample space and regulatory certification available for modular build-out of additional grow rooms, allowing for increased capacity, the release said.

“With the addition of NGC’s indoor non-irradiated flower, coupled with existing production from Portugal that can be quintupled as demand dictates, Curaleaf will have ample high quality GMP supply and future expansion capacity to meet growing market needs,” said Juan Martinez, head of Curaleaf. “We anticipate other EU countries to follow Germany’s lead in advancing their medical cannabis programs to increase patient access.”

The deal is expected to close in the second quarter of 2024.