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Curaleaf International, part of cannabis giant Curaleaf Holdings Inc (OTCQX:CURLF) (TSX:CURA), has expanded in Poland via the acquisition of Can4Med, the country's pharmaceutical wholesaler specializing in cannabinoid medications.
This company said on Tuesday the move will enhance patient access to medical cannabis products across Europe.
The rules imposed by Poland’s National Agricultural Support Center (KOWR), which became effective in 2022, further normalized industrial hemp in Poland. The policy change raised the THC level from 0.2% to 0.3% and streamlined the permitting process, with farmers and buyers being obliged to register only when starting a business.
See also: Cannabis In Poland: Medical Marijuana, Inc.’s Kannaway Opens Office And Warehouse In Warsaw
Curaleaf International registered the company's cannabis-based medicines as extract in Poland in August 2022, via a deal with local partner CanPoland S.A.
Can4Med obtained Polish authorization to supply medical products and raw materials for cannabis pharmaceutical sales in 2022 as well. The company has signed supply agreement term sheets for up to 100kg a month of high THC oil and flower at competitive rates and is in the process of registering the products in Poland.
In 2023 alone, Poland saw a surge in medical cannabis adoption, with over 3,000kg distributed nationwide.
Matt Darin, CEO of Curaleaf, praised the company's move to boost its footprint in the thriving European market.
“This acquisition represents a significant step forward for Curaleaf International. Poland’s medical cannabis market is expanding rapidly, and our partnership with Can4Med allows us to better serve patients while driving growth across Europe," Darin said.
Now read: PharmaCielo To Enter Polish Medical Cannabis Market Via Partnership With Soteria Holdings
Curaleaf's shares were trading at $5.40 per share on Tuesday morning at the time of this writing.
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