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Curaleaf to acquire Canadian producer to bolster European supply

Curaleaf has signed a deal to acquire Northern Green Canada (NGC), 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 flowers 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 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 a secure and consistently high-quality indoor EU-GMP flower supply, ensuring a position in the growing German market during a critical juncture while also allowing the Company to maintain its 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.

Boris Jordan, Executive Chairman of Curaleaf, stated, "We expect the NGC acquisition to be a highly accretive deal that marks Curaleaf's first step into the Australasian markets, creating a true global cannabis company with global brands. It allows Curaleaf to safeguard our position in Europe, enhancing our supply chain while increasing our margins. The opportunity in Germany alone cannot be understated, and we continue to prepare strategically for that moment and beyond. We are committed to delivering the highest quality flower in every market we operate, and we are thrilled to welcome the NGC team to the Curaleaf International family."

Juan Martinez, Head of Curaleaf International, added, "The NGC deal complements our Portuguese cultivation and processing assets, which we continue to expand and develop. 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. We anticipate other EU countries to follow Germany's lead in advancing their medical cannabis programs to increase patient access."

Lisa McCormack, President and CEO of Northern Green Canada, said, "The NGC team is excited to become a part of the Curaleaf family. As their longstanding commercial partner, we believe we can help accelerate Curaleaf's growth in global markets. We are committed to providing high-quality GMP products under the umbrella of the largest global cannabis company."

The deal is expected to close in the second quarter of 2024, pending all regulatory approvals.

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