Curaleaf Holdings has confirmed the completion of its agreement to acquire a 55 per cent stake in Four 20 Pharma GmbH, a fully EU-GMP and GDP licensed German producer and distributor of medical cannabis.
Curaleaf has now solidified a strategic pathway to acquire complete control of Four 20 Pharma. The completion of the acquisition take place two years following the commencement of adult use in Germany, which is expected to begin in early 2024.
Germany currently represents the largest medical cannabis market in Europe, with a total addressable market of over €200m in 2022. This is expected to grow to nearly €1bn by the end of 2024 with the expected legalisation of recreational cannabis.
Read more: Curaleaf partnership to build platform for German recreational market
Executive chairman of Curaleaf, Boris Jordan, stated: “We are pleased to complete the transaction with Four 20 Pharma and I am personally thrilled to welcome Torsten and Thomas to the Curaleaf family.
“Our early focus on Europe has given Curaleaf a formidable strategic asset and strong foundation in one of the industry’s critical global markets. Curaleaf is the only US MSO uniquely positioned to capitalise on the opportunity.”
Curaleaf announced its acquisition of Four 20 Pharma – a fully EU-GMP and GDP licensed European producer and distributor of medical cannabis, and one of the largest cannabis operators in Germany, with a greater than 10 per cent market share – in August 2022.
Curaleaf stated at the time that the partnership ensures alignment between Curaleaf and Four 20 Pharma’s current management team to build a best-in-class German business and a strong platform for Germany’s eventual adult-use market.
President of Curaleaf International, Miles Worne, stated: ”Four 20 Pharma is an ideal asset to accelerate our growth in Germany as the country readies for its conversion from medical cannabis to adult use.
“Curaleaf International continues to build our platform in eight markets, and this deal further underscores our aspiration to be a major player in the European market and the global industry leader.”
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