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Curaleaf Completes Acquisition of Northern Green Canada

Sherri M. Altshuler, Jackson Phillips, Meredith McCann, Joshua Ward, Francesco Gucciardo, Stan Fedun, Alex Kagan, Miranda Spence, Dillon Collett and Cristian P. Delfino
On April 22, 2024, Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), a leading international provider of consumer cannabis products, announced the closing of its acquisition of Northern Green Canada Inc. (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. Integrating NGC’s international operation will bolster Curaleaf’s supply of high quality EU-GMP flower to established European markets including Germany, Poland and the United Kingdom, as well as allow Curaleaf to enter the fast-growing markets of Australia and New Zealand.

Terms of the acquisition included an initial payment at closing of the Curaleaf’s subordinate voting shares valued at approximately US$16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon the 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional subordinate voting shares. 

Aird & Berlis represented NGC with a team that included Sherri Altshuler, Jackson Phillips, Meredith McCann and Joshua Ward (Capital Markets), Francesco Gucciardo and Stan Fedun (Tax), Alex Kagan (Employment), Miranda Spence, Dillon Collett and Cristian Delfino (Litigation).

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