Launch of Curaleaf International boosted by acceleration of cannabis liberalization across Europe
London, November 1, 2021 – PRESS RELEASE – Curaleaf International (formerly EMMAC Life Sciences Group), part of Curaleaf Holdings, Europe’s largest vertically integrated cannabis company, is pleased to announce its official rebranding in the European market. It has been three years to the day since the British government’s historic decision to legalize cannabis products for medical use, paving the way for important new developments in the cannabis industry. During this period, Curaleaf International has experienced exponential growth in cannabis revenues, as the demand for premium medicinal cannabis continues to grow.
Curaleaf International’s cannabis flower and cannabis extract products now supply five separate markets, including Germany, Europe’s largest market for medicinal cannabis, which is expected to be worth more than € 840 million by 2025. In the UK, particularly over the past 12 months, the number of patients using the company’s products has quintupled.
Building on the dynamics of the European medicinal cannabis market, Curaleaf International expects to see significant regulatory changes across Europe for adult cannabis in the coming years, with expectations that the total European market of cannabis will rise to 3.2 billion euros by 2025. Curaleaf International expects trends to follow those in Canada and the United States, both of which began with the legalization of medicinal cannabis. before moving on to legalize cannabis for adult use. With a population of around 740 million, Europe has a larger market than North America.
The potential commercial impact of the legalization of cannabis in Europe is significant. One in 10 Europeans uses cannabis every year, while a quarter of people admit to having used cannabis at least once in their life. Annual cannabis sales on the illicit market are estimated at around 11 billion euros. As highlighted in The European Cannabis Report: 6th Edition, sales of cannabis for adult use are predicted to reach 200 million euros by 2023, for nearly 800 million euros in 2025. Given the growth in the market adult use sector due to reducing stigma and ease of access, Prohibition Partners has increased its total market estimate from 800 million euros to 3.2 billion euros by 2025.
Curaleaf International expects that over the next three to four years significant regulatory changes will occur across the continent. Recent progress has been made in particular in Switzerland, the Netherlands, Italy and Germany. Since May 2021, Switzerland has allowed the sale of cannabis for adult use on an experimental basis. In Zurich, the country’s largest city, consumers will be allowed to purchase cannabis products from pharmacies and social clubs. In the Netherlands, 10 licenses were issued for a pilot project of cannabis for adult use aimed at supplying 79 “coffee shops” in 10 municipalities. In Germany, the likely new coalition government under the SPD, Greens and FDP parties are all in favor of legalizing cannabis for adult use.
Additionally, Italy could be the first European country to legalize cannabis for adults. The country is expected to hold a referendum proposing the legalization of cannabis for adult use in 2022, with an expected result of 57% voting in favor of legalization. The potential market presents a lucrative opportunity for pioneers such as Curaleaf International.
With regulatory changes expected across Europe, Curaleaf International believes this is a turning point for the European cannabis industry. The company occupies a unique position in Europe with a fully vertically integrated model, managing all aspects of the process from seed to shelf. The company has two EU Good Manufacturing Practices (GMP) compliant processing facilities and import and distribution capabilities in place in the UK and Germany.
Commenting on the European opportunity, Antonio Costanzo, CEO of Curaleaf International, said: “We have seen good growth in medicinal cannabis across Europe and with this momentum the official launch of Curaleaf International has been designed to create a European cannabis platform to capitalize on emerging opportunities that are accelerating. in accordance with regulatory and cultural changes. acceptance. The landscape in Europe is changing and we can see clear trends similar to the advances in North America for cannabis for adult use. As the only fully integrated cannabis company in Europe, our first-mover advantage gives us full control over the supply chain which, together with our science-based approach, leaves Curaleaf International best positioned to capitalize on this potentially market. huge.