Aphria has snapped up German cannabis distributor CC Pharma in a €24.5 million ($27.8 million) deal that is expected to go through in January.

The Canadian firm has pledged to throw in another €23.5 million as an earn-out multiple on future EBITDA if certain performance milestones are met, taking the deal to a potential €48 million ($54.4 million).

Aphria previously announced a supply deal to export 1,200 kilos of medicinal marijuana to CC Pharma for the German market. Now it’s going one step further by adding the pharmaceutical company to its burgeoning portfolio of global assets.

“This acquisition strengthens our foothold in Germany, one of the most highly sought-after medical cannabis markets in the world,” said chief executive Vic Neufeld. CC Pharma boasts more than €200 million ($227 million) in annual revenue after tying up distribution deals with more than 13,000 pharmacies to supply them with medical cannabis.

Neufeld praised it as a business with positive cash flow and significant experience in international logistics, adding that it will play an important role as it rolls out an ambitious plan for global growth.

Earlier this year, Aphria acquired a 25.1% stake in Berlin-based Schöneberg Hospital through its wholly owned subsidiary Nuuvera Deutschland. That has helped it lay the groundwork to be at the forefront of medical cannabis services in a country with more than 30,000 patients.

Aphria’s strapline is “we have a good thing growing” and it certainly displays a voracious appetite for international acquisitions. It spent $670 million to buy Nuuvera earlier this year and six weeks ago it tied up a deal worth almost $300 million to acquire LATAM Holdings, giving it a large presence in Colombia, Argentina, and Jamaica, plus the right to buy a Brazilian producer.

Earlier this week it teamed up with Perennial Inc. for a joint venture that will create consumer-driver brands and products for cannabis markets in Canada and anywhere else that marijuana is legal. The joint venture will focus on new product development with a strong emphasis on research, innovation, and creative development.

It will look beyond edibles and delve deeper into the wellness space as it bids to bring consumer-centric brands to market. It all fits with Aphria’s strategy to become an end-to-end supplier of cannabis to various markets across the globe with a multi-tiered approach covering research, development, cultivation, supply, and distribution.

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