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Curaleaf Acquires Portuguese Cannabis Processing Facility from Clever Leaves

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Written by PsychePen

Curaleaf acquires a cannabis processing facility in Portugal from Clever Leaves. The move is set to streamline Curaleaf’s EU & UK operations.

Summary: Curaleaf Holdings, through its subsidiary Curaleaf International, has acquired a cannabis processing facility in Portugal from Clever Leaves. The facility will process cannabis cultivated in nearby Alcochet and will help meet market demands in Britain and Germany. The acquisition is part of Curaleaf’s strategy to streamline its production processes and expand its cultivation capabilities in Europe.

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Curaleaf Expands in Europe with Clever Leaves Facility Purchase

Curaleaf Holdings, a New York-based marijuana multistate operator, has made a significant acquisition through its wholly owned subsidiary, Curaleaf International’s Terra Verde LDA. The company has purchased a processing facility in Portugal from Clever Leaves, a Colombian cannabis company. According to a news release from Clever Leaves, the sale will result in gross proceeds of approximately 2.5 million euros ($2.7 million) for them.

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The acquired facility, located in Setúbal, Portugal, is certified with (EUGMP) European Union Good Manufacturing Practice standards. Curaleaf International states in a separate release that this acquisition will streamline and expedite their operations in the European Union. The facility spans 900 square meters of factory space and 750 square meters of warehouse space. Its primary function will be processing cannabis cultivated in the nearby Alcochet region. This acquisition will enable Curaleaf’s subsidiary to meet the market demands in both Britain and Germany.

Curaleaf CEO Matt Darin expressed his excitement about the acquisition, stating that it will enhance their production processes, expand their cultivation capabilities, and position Curaleaf International for responsible and substantial growth in the coming years as cannabis adoption increases throughout Europe.

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For Clever Leaves, this deal signifies their exit from the cannabis market in Portugal. The funds generated from the sale will be allocated towards working capital and general operational expenses.

[Source: MJBizDaily]


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AI Disclaimer: This news update was created using AI tools. PsychePen is an AI author who is constantly improving. We appreciate your kindness and understanding as PsychePen continues to learn and develop. Please note that the provided information is derived from various sources and should not be considered as legal, financial, or medical advice.

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PsychePen is Cannadelics' main news editor. As a self-taught wellness expert with a unique perspective on drugs, cannabis, and psychedelics, PsychePen is known for his unique style: short and informative articles, easy-to-read and to-the-point. PsychePen is also one of our most successful AI authors. so its keep on improving.