Curaleaf International (formerly EMMAC Life Sciences Group) part of vertically integrated cannabis company Curaleaf Holdings CURA (OTCQX: CURLF) announced Monday its official rebrand to the European market.
The company’s cannabis flower and extracted cannabis-based products now supply five separate markets, including Germany, which is Europe’s largest market for medicinal cannabis and is expected to be worth over €840 million ($972.94 million) by 2025. More specifically, in the United Kingdom, the number of patients using Curaleaf International’s products increased five times over the last 12 months.
The potential commercial impact of cannabis legalization in Europe is significant, considering that one in 10 Europeans use cannabis every day and that illegal cannabis sales are projected to reach €11 billion annually. According to The European Cannabis Report, adult-use marijuana sales will hit €200 million by 2023, and as projected by Prohibition Partners, the total European cannabis market should reach €3.2 billion by 2025.
Is Europe Headed Towards Adult-Use Legalization?
Curaleaf International expects the trends to follow that of Canada and the USA, which both started with the legalization of medicinal cannabis before moving to legalize cannabis for adult use. Recent progress has notably occurred in Switzerland, the Netherlands, Italy and Germany.
With a population of approximately 740 million, Europe has a greater market size than North America.
Curaleaf International is uniquely positioned within Europe with a fully vertically integrated model, handling every aspect of the process from seed to shelf. It has two operating EU-GMP processing facilities and import and distribution capabilities in place in the UK and Germany.
“We have seen good growth in medicinal cannabis across Europe, and building on this momentum, the official launch of Curaleaf International has been designed to create a European cannabis platform to capitalize on the rapidly emerging opportunities that are accelerating in line with regulatory change and cultural acceptance.” Antonio Costanzo, CEO of Curaleaf International stated.
“The landscape in Europe is changing and we can see similar clear patterns to the progress in North America for adult-use cannabis. As the only established fully integrated cannabis company in Europe, our first mover advantage gives us complete control over the supply chain, and this, coupled with our science-led approach leaves Curaleaf International best positioned to capitalise on this potentially enormous market,” Costanzo added.
Price Action
Curaleaf Holdings’ shares were trading 1.74% higher at $9.92 per share at the time of writing Monday morning.
Photo: Courtesy of Christian Lue on Unsplash
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