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EMMAC Life Sciences acquires entirety of Terra Verde

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A EMMAC Life Sciences has just announced the acquisition of 100% of Terra Verde, the first company to obtain an authorization for the cultivation of medical cannabis in Portugal, 40% owned by Ângelo Correia, from the PSD.

This acquisition makes Terra Verde a subsidiary of EMMAC, an English company that aims to position itself as a leader in the production and supply of medical cannabis in Europe. Among the five managers appointed to the new Portuguese company are the former owners of Terra Verde, David Yarkoni and Ângelo Correia.

Although the values ​​for the acquisition of Terra Verde are unknown, EMMAC stated, in a press release, that this was its “biggest acquisition to date”.

One of the most enigmatic medical cannabis operations in Portugal, Terra Verde, was founded by Israeli David Yarkoni, a world-renowned plant breeder and geneticist, a pioneer in plant-based research and production for over 30 years, with a focus on gerberas. . In 2014, Terra Verde was granted the first cannabis cultivation license in Portugal, which allowed the cultivation of eight hectares.

Initially, in 2014, the English GW Pharmaceuticals bought a minority stake in Terra Verde, but after stopping production, in 2018, the British left GW and the entry of Ângelo Correia, with a 40% stake in the company. company.

The Portuguese company, which has a license for eight hectares of cannabis under good agricultural cultivation and harvesting practices (GACP), expects the harvest to take place in mid-August. The press release clarifies that this production of cannabis for medical purposes will be vertically integrated by EMMAC, which has assets for extraction and manufacture in accordance with EU Good Manufacturing Practices (EU-GMP).

David Yarkoni, founder of the company, was very pleased with the partnership with EMMAC, for “maximizing the potential of Terra Verde to be the best cultivation facility in Europe”. The former owner of the company adds that he was approached “by several organizations, but we decided to partner with EMMAC because of their distribution network, world-class team and scientific approach. EMMAC has built the perfect platform to become the European leader.”

EMMAC CEO Antonio Costanzo welcomes this step: “We are delighted to have acquired Terra Verde, a unique asset in the medical cannabis sector in Europe, founded by one of the best known researchers in the field of plants”.

Upon completion of the acquisition, EMMAC plans to make significant investments in the Terra Verde facilities, which will include the construction of a GMP-certified facility for storage, processing and manufacturing in Portugal, to serve both domestic and international markets.
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