Curaleaf, Owned by Boris Jordan, Enters the European Cannabis Market
Curaleaf, a U.S.-based cannabis company owned by Russian billionaire Boris Jordan, is making its entry into the European market. The company, which specializes in medical cannabis, has reached an agreement to acquire Emmac Life Sciences—the largest vertically integrated independent cannabis company in Europe. This news was announced in a joint press release published on Curaleaf’s website.
The acquisition of Emmac will allow Curaleaf to establish a presence in the European cannabis market. The deal is valued at approximately $286 million, with 85% of the payment in Curaleaf voting shares and 15% in cash. An additional $57 million may be paid out under the same terms, depending on the achievement of certain milestones. The transaction is expected to close in the second quarter of this year.
Expanding Across Europe
Emmac operates in key European medical cannabis markets, including the United Kingdom, Germany, Italy, Spain, and Portugal. In total, the deal will expand Curaleaf’s presence to eight countries. Based on an analysis of consumer trends in the U.S., Curaleaf believes that the European market could eventually exceed $120 billion in potential opportunities, according to CEO Joseph Bayern.
“With this transaction, Curaleaf undoubtedly becomes the largest operator in the cannabis sector in terms of revenue and global presence,” said Boris Jordan.
The company, which has a market capitalization of about $11 billion, is already the largest multi-state operator in the United States, according to industry reports.
Looking Ahead: Recreational Cannabis and Further Expansion
The deal will also position Curaleaf to benefit from a potential shift in the European medical cannabis market toward recreational use, Jordan noted. He also stated that the company plans to pursue further acquisitions in Europe.
“Countries like Poland, Ukraine, South Africa, and even Egypt are rumored to be moving toward legalization. Europe is a great hub from which to access these markets,” said the billionaire.
About Boris Jordan and Curaleaf
Boris Jordan was born in the United States and is well known in Russia as the former head of NTV and Gazprom-Media. He acquired Curaleaf in 2013. In 2018, the company went public, making Jordan a billionaire. According to the Forbes Real-Time Billionaires ranking, Jordan is ranked 1,190th in the world with a net worth of $2.5 billion.