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Curaleaf acquires 55% of German cannabis company for €19.7 million

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Curaleaf Holdings, a U.S. multi-state operator of cannabis, signed an agreement to acquire a 55 percent stake in Four 20 Pharma, a German producer and distributor of medical marijuana. According to a press release, Curaleaf's strategic partnership with Four 20 gives it "full control of Four 20 Pharma within two years of the start of legal adult-use cannabis in Germany. The deal is worth 19.7 million euros ($20.4 million), according to regulatory filings. Germany has begun legalizing recreational marijuana, but many key details about the future market remain in doubt, and Curaleaf estimates that the German market could be worth close to 1 billion euros by the end of 2024 following the legalization of adult-use cannabis. The Massachusetts-based MSO acquired European medical marijuana company Emmac Life Sciences last year. curaleaf expects the deal with Four 20 to close within two months, pending regulatory approval. curaleaf's shares are traded on the Canadian stock exchange under the name CURA.

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