A wholly owned subsidiary of New York-based marijuana multistate operator Curaleaf Holdings has acquired a processing facility in Portugal from Colombian cannabis company Clever Leaves.
Clever Leaves will see gross proceeds of approximately 2.5 million euros ($2.7 million) from the sale to Curaleaf International’s Terra Verde LDA subsidiary, according to a Clever Leaves news release.
The acquisition of the facility, which is European Union-Good Manufacturing Practice-certified, will streamline and accelerate Curaleaf International’s EU operations, according to a separate Curaleaf release.
The Setúbal, Portugal, facility includes 900 square meters of factory space and 750 square meters of warehouse space.
It will process cannabis cultivated in nearby Alcochet and will allow the Curaleaf subsidiary to meet market demands in Britain and Germany.
“By streamlining our production processes and expanding our cultivation capabilities, Curaleaf International is setting the stage for responsible, robust growth over the next few years as cannabis adoption accelerates across Europe,” Curaleaf CEO Matt Darin said in a statement.
The deal is part of Clever Leaves’ exit from the Portugal cannabis market.
The proceeds of the sale will go toward working capital and general operational expenses.