Curaleaf's wholly owned subsidiary, Terra Verde LDA, will acquire the assets of Clever Leaves' EU-GMP-certified cannabis processing facility in Setubal, Portugal. The acquisition will allow Curaleaf International to streamline its operations and accelerate the seed-to-sale process of its EU-GMP flower products to better serve the rapidly growing European market.
The facility, which measures over 900 square meters of GMP factory space and 750 square meters of warehousing, will process flowers grown at Terra Verde, Curaleaf's Cultivation facility located in Alcochete, Portugal. These changes will allow Curaleaf to strategically expand its cultivation capacity at Terra Verde to meet the expected growth across Europe, especially within the core markets of the UK and Germany.
"By streamlining our production processes and expanding our cultivation capabilities, Curaleaf International is setting the stage for responsible, robust growth over the next few years as cannabis adoption accelerates across Europe," said Curaleaf CEO Matt Darin. "Curaleaf is the leading producer of consistent, high-grade product throughout the European market, and we will continue to work towards ensuring quality cannabis is available to patients and consumers in the EU and beyond."
Back in January, Clever Leaves announced they were planning to fully cease their Portuguese flower cultivation, post-harvest processes, and manufacturing activities. Andres Fajardo, CEO of Clever Leaves, previously told us that the company was running into some hurdles concerning their Portuguese operations. "Many might underestimate how challenging it is to grow flower at a pharmaceutical standard. Consistency is hard. Especially because it's not just about the CoA, it's also about terpenes, the quality of the buds, etc. Adding the Portuguese complexities to our already strong position in Colombia, we decided to focus all our operations in Colombia."
Curaleaf seems to have a more positive outlook on their Portuguese operations as they continue to expand their capabilities. In 2021, the U.S. MSO announced they were entering the European market by acquiring EMMAC Life Sciences. Terra Verde is EMMAC's Portuguese cultivation facility, one of the oldest licensed cannabis growing facilities in Europe. The newly acquired processing facility, which was previously by Clever Leaves, will process the flower grown at this cultivation facility. "These changes will allow Curaleaf to strategically expand its cultivation capacity at Terra Verde," Curaleaf CEO Matt Darin says.
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