Curaleaf, the largest cannabis company in the U.S., is on its way to become the largest of its kind in the world after announcing a $286 million deal to acquire European marijuana company Emmac Life Sciences.
Boris Jordan, the billionaire executive chairman of Curaleaf, said during the company’s earning’s call on Tuesday that the acquisition is a “transformational launching point” and will turn the company into a dominant force in the global cannabis industry.
Jordan, who owns a $2.5 billion stake in the company, said Europe is part of the company’s long-term growth strategy. Jordan explained during Curaleaf’s earnings call that Europe’s population of 743 million is more than twice of the U.S. and the continent will eventually provide a total addressable market of $120 billion.
Jordan described the Emmac acquisition as “a foothold for future expansion” in Eastern Europe, including existing medical markets in Poland and Croatia as well as potential new markets in countries like Ukraine.
To meet growing demand, Emmac’s cultivation facility in Portugal, which happens to be one of the oldest licensed cannabis growing facilities in Europe, plans increase its annual cultivation capacity to 10 tons by 2022.