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Curaleaf Completes Acquisition of EMMAC and Secures US$130 Million Investment from a Single Strategic Institutional Investor
Curaleaf Completes Acquisition of EMMAC and Secures US$130 Million Investment from a Sing...
About this update from Curaleaf Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Curaleaf Completes Acquisition of EMMAC and Secures US$130 Million Investment from a Single Strategic Institutional Investor\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n EMMAC brings vertically integrated operations in\n \n Europe\n \n with a presence in key medical cannabis markets, including the UK,\n \n Germany\n \n ,\n \n Italy\n \n ,\n \n Spain\n \n , and\n \n Portugal\n \n \n \n \n \n Strategic investor to fund cash portion of acquisition and Curaleaf's growth initiatives in\n \n Europe\n \n \n \n \n \n WAKEFIELD, Mass.\n \n ,\n \n April 7, 2021\n \n /CNW/ --\n \n Curaleaf Holdings, Inc. (CSE: CURA / OTCQX: CURLF) (\"Curaleaf\" or the \"Company\")\n \n , a leading international provider of consumer products in cannabis has successfully completed the previously announced acquisition of EMMAC Life Sciences Limited (\"EMMAC\"), the largest vertically integrated independent cannabis company in\n \n Europe\n \n , for base consideration of approximately\n \n US$50 million\n \n in cash and 17.5 million shares of Curaleaf, with additional consideration to be paid based upon the successful achievement of performance milestones. Curaleaf has simultaneously established Curaleaf International Holdings Limited (\"Curaleaf International\") in Guernsey to hold the EMMAC investment and further its European expansion.\n \n \n To accelerate the expansion of Curaleaf International, Curaleaf has secured an investment of\n \n US$130 million\n \n from a single strategic institutional investor in exchange for 31.5% equity stake in Curaleaf International, implying a\n \n $413 million\n \n Post Money valuation, with\n \n US$80 million\n \n in cash available to spend. The subscription will fund the entire cash portion of the EMMAC acquisition consideration of\n \n US$50 million\n \n with the remaining\n \n US$80 million\n \n to be used to fund Curaleaf International's current capital expenditures plan through 2022, as well as its pipeline of potential acquisitions. This infusion of outside capital into Curaleaf International signif...