Portugal: Clever Leaves announces sale of EU-GMP facilities to Curaleaf

A Clever leaves announced the sale of the assets of its EU-GMP certified cannabis processing plant in Portugal to Curaleaf. The transaction, valued at approximately €2,5 million, includes the laboratory and all processing equipment. This strategic move is expected to improve Clever Leaves' financial position and strengthen Curaleaf's operations in the European market.

Clever Leaves already had announced earlier this year that it would close operations in Portugal and move to Colombia. The sale, brokered by its subsidiary Clever Leaves Portugal Unipessoal, Lda, saw the assets acquired by Terra Verde, Lda, an affiliate of Curaleaf Holdings, Inc. Comprising 900 square meters of EU-GMP certified factory space and 750 square meters of storage, the facility served as a central hub for Clever Leaves' European operations. Under the terms of the asset purchase and sale agreement, Terra Verde, Lda. acquired the lease of the premises, as well as all the installed equipment necessary for drying, cutting, curing and packaging, together with the procedures of the existing quality system in the premises.

Andres Fajardo, CEO of Clever Leaves, expressed his satisfaction with the sale, stating in a press release that “the completion of the sale of our processing assets in Portugal represents an important step in liquidating our operations in Portugal, while consolidating the cultivation and manufacturing processes at our EU-GMP certified facilities in Colombia. We are proud to have sold these assets to Curaleaf, one of the most prominent global cannabis companies, as it is a testament to the standards by which we operate and do business.”

Fajardo also praised Curaleaf for its partnership during the sale process and revealed Clever Leaves' continued commitment to streamlining operations. The company plans to sell its remaining Portuguese agricultural assets by the end of the current calendar year.

This acquisition serves as a significant move for curaleaf international, Europe's largest vertically integrated cannabis company and a subsidiary of Curaleaf Holdings. The purchase of Clever Leaves' EU-GMP certified cannabis processing facility in Setúbal is in line with Curaleaf's strategic objectives to optimize its operations and accelerate the process of seed-to-sale of its EU-GMP flower products, catering to the rapidly growing European market.

Clever Leaves' state-of-the-art facilities are expected to facilitate the processing of flowers grown in Terra Verde, whose cultivation facility is located in Alcochete. By consolidating its production processes and expanding cultivation capacities, Curaleaf International aims to satisfy the growing demand for cannabis products across Europe, particularly in key markets such as the UK and Germany.

Matt Darin, CEO of Curaleaf, emphasized the company's dedication to responsible and sustainable growth as cannabis adoption continues to gain momentum in Europe. “Curaleaf is the leading producer of consistent, high quality products across the European market, and we will continue to work to ensure that quality cannabis is available to patients and consumers in the EU and beyond,” stated Darin.

The acquisition of the Clever Leaves processing facility marks a significant step forward for Curaleaf International, streamlining its production processes and expanding its cultivation capabilities to better serve the evolving European cannabis market. As the industry evolves, these developments could contribute to greater availability of high quality cannabis products for patients and consumers across the European Union and beyond.