EMMAC acquires 100% of Terre Verde
LONDON. EMMAC Life Sciences Ltd, the leading European independent medical cannabis and wellness company, has acquired 100% of Terra Verde, LDA, a Portuguese genetics and cultivation company.
This acquisition establishes EMMAC as the largest vertically integrated cannabis company in Europe, with operations in eight territories and licensed distribution channels for medical cannabis in Europe's largest medical cannabis markets, namely Germany, Italy and the UK.
The acquisition of Terra Verde is EMMAC's largest acquisition to date and completes the full integration of EMMAC's supply chain, which to date comprises GACP cultivation, extraction and manufacturing in accordance with EU Good Manufacturing Practices (GMP), and licensed distribution channels for medical cannabis in the UK, Germany and Italy.
Terra Verde was founded by David Yarkoni, a world-renowned breeder and geneticist who has pioneered plant-based research and production for more than 30 years. In 2014, Terra Verde acquired Portugal's first, and Europe's second, active cultivation license. This license allows for eight hectares of greenhouse and outdoors cannabis cultivation. Its current crop of high-grade medical cannabis, which is grown in accordance with EU Good Agricultural and Collection Practices (GACP), is due for harvest in 30 days.
Following completion of the acquisition, EMMAC will begin to invest significantly in Terra Verde's facilities, including the construction of a GMP-certified facility for storage, processing and manufacturing at the Portuguese site that will serve both the domestic and the international markets.
Antonio Costanzo, CEO of EMMAC, commented: "We are delighted to have acquired Terra Verde, a unique asset in the European medical cannabis space that was founded by one of the most well-regarded plant-based researchers. With the acquisition of Terra Verde, EMMAC is now the largest vertically integrated European cannabis company and a leader in the industry. We are delighted to welcome David and his team in Portugal to EMMAC.
"With this milestone firmly achieved, EMMAC's focus now is to extend the pan-European reach of our medical and wellness portfolio. We will continue to partner with the best organisations and businesses in the sector and support cutting-edge scientific research to further develop the medical cannabis sector."
David Yarkoni, Founder of Terra Verde, commented: "Speaking on behalf Terra Verde's team and shareholders, I am delighted to partner with EMMAC to maximise Terra Verde's potential to be the best cultivation facility in Europe. We had been approached by multiple organisations, however we decided to partner with EMMAC due to its distribution network, world-class team and scientific approach. EMMAC has built the perfect platform to become the European leader. We look forward to working together."