The cannabis industry is constantly on the move. Curaleaf Holdings has decided to transfer its production of medicinal marijuana to an entity located in the science park of the University of Alicante, in Spain.
The licenses granted by the government for the cultivation of marijuana for research or medicinal purposes, through the Spanish Agency for Medicines and Health Products of the Ministry of Health (Aemps), represent an important asset for large companies in countries where the cannabis industry is legal.
The company Curaleaf is a giant in the cannabis market. The company has the highest turnover in the US. This month, the company acquired UK-based Emmac Life Sciences Limited, which includes Medalchemy, a company located in the University of Alicante Science Park. Last June, Medalchemy received the license from the Aemps which authorizes the company to produce cannabis for medical and scientific purposes.
Through the acquisition of the company Emmac, Curaleaf is now establishing itself in Europe, considered to be the largest potential market in the cannabis industry. The company spent no less than 237 million euros to purchase Emmac and is already planning an additional investment of 108 million euros to expand its market.
“Today is an important step, because Curaleaf will immediately become the American operator with the largest European presence (…) Based on the consumption habits that we have observed in the United States, we believe that with the time, Europe could exceed $120,000 million in market opportunities, ”said the CEO of the American company, Joseph Bayern, during the announcement of the acquisition of Emmac.
The North American company highlighted that Emmac offers “cultivation, processing, distribution and R&D operations in several key medical cannabis markets in Europe, including the United Kingdom, Germany, Italy, Spain and Portugal”.
As the cultivation and consumption of cannabis is illegal (except in private residence) in Spain, all production obtained by Medalchemy must be destined for export.
In 2019, Canadian Canopy Growth, the world’s largest cannabis company, acquired the Spanish company Cáñamos y Fibras Naturales SL, Cafina, also licensed by the Aemps.
The cannabis associations in Spain are worried about these foreign investments. José Afuera, spokesperson for the Confederation of Federations of Cannabis Associations (Confac) gave his opinion on the topic and considers that “the purchases of Spanish companies by foreign companies are part of the intrinsic functioning of capitalism, however it is it is not the model we want for the regulation of cannabis in our country. ”
“We find it unfortunate that companies holding licenses are brought up when the president of the government says that there is no scientific evidence on the use of medicinal cannabis, while millions are obtained by exporting this cannabis to other countries where their citizens can go smoke peacefully in the street, whereas here we are punishable by law ”criticizes Afuera.
According to the figures, the legalization of medicinal use of cannabis in Spain could bring a turnover of more than 60 million euros in 2025.
