Monday, April 22, 2024

International developments at Curaleaf—Spain, Portugal and Israel

Curaleaf International’s export strategy has passed two milestones. The vertically integrated medical cannabis company, formerly known as EMMAC Life Sciences Group, has secured approval from the Spanish Health Authority, for its Medalchemy manufacturing site in Alicante to import, manufacture and export medical cannabis flower.

Shortly afterwards, Curaleaf announced that its primary cultivation facility, Terra Verde, in Portugal, had exported over one metric ton of medical cannabis to BOL Pharma in Israel. It was the first shipment of a larger supply agreement between the two businesses. A report from Curaleaf says that it is one of the first companies to export medical cannabis to Israel under the country’s new regulatory regime. The shipment comprised two strains of dried flower.

Curaleaf had previously outlined its interpretation of how the medical cannabis and CBD market is likely to develop, with anticipated growth in Europe: “Canada and North America have led the way with progressive deregulation and strong financial support for local companies. In recent times, changes in regulation, public perception and medical support have resulted in a structural shift to a European market with an ever-growing demand for medical cannabis and cannabis-based wellness products.”

Speaking about the latest developments at Medalchemy in Spain, Antonio Costanzo, Curaleaf’s CEO says, “This approval once more validates our science-led strategy and integrated business model. It will also significantly increase our ability to manufacture and export high-quality medical cannabis products across the growing European market and beyond.

“Today, we are the European medical cannabis company with the most licences, which in addition to our full control of the supply chain, means we can continue to deliver quality and innovation across all aspects of our business. As European legislation continues to rapidly evolve, and more medical cannabis markets emerge, we are well-positioned to scale to the meet growing patient and partner-demand in Europe for medical cannabis.”

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