Curaleaf Invests $25.5 Million to Extend Arizona Cannabis Operations

Curaleaf Announces Two Acquisitions to Open 7th and 8th Stores in Phoenix Metro Area

Provides Curaleaf with the Leading Retail Footprint in the Phoenix Metro Area

WAKEFIELD, Mass., June 27, 2019 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced that it has made two separate acquisitions in Arizona for combined consideration of $25.5 million.

Curaleaf entered into an agreement to acquire Glendale Greenhouse, a vertically integrated cannabis business operating a cultivation and processing facility, as well as a prime retail location, with plans to rebrand as Curaleaf after the transaction closes.

The Glendale Greenhouse production facility is a 20,000 square-foot, multi-level cultivation center which is capable of producing 3,600 pounds of flower annually. Its 1,500 square-foot dispensary, located directly off the Agua Fria Freeway with 90,000 cars passing daily, can be expanded to nearly 5,000 square-feet. Glendale Greenhouse holds the master lease on the 15,000 square-foot multi-tenant building where the dispensary is located. The facility also operates a state-of-the-art CO2 extraction lab and a kitchen, which is already producing various edible lines such as mints, gummies, brownies and ice cream, with additional products expected to launch later this year.

Additionally, Curaleaf agreed to acquire Phytotherapeutics Management Services, LLC, which operates under the license of Phytotherapeutics of Tucson, LLC. Upon close of the transaction, the license associated with the dispensary will be applied to a newly developed, flagship dispensary located at 2175 N 83rd Avenue, which is part of an exciting Phoenix metro submarket with close access to the I-10 Freeway. The dispensary will also be in the immediate vicinity of the nationally recognized Ak-Chin Pavilion, a popular outdoor amphitheater and concert stadium hosting nearly forty events a year. This new location on 83rd Avenue will bring Curaleaf’s store count in Arizona to eight, all in Maricopa county. According to US Census Bureau data, Maricopa is the nation’s fastest growing county for the third consecutive year, giving Curaleaf the highest store count in the county.

The acquisition of both Glendale Greenhouse and the opening of our 83rd Avenue location demonstrates our commitment to the Arizona market and to providing consumers with reliable and high-quality cannabis experience.

Joseph Lusardi, Chief Executive Officer

This transaction not only strengthens our position with the seventh and eighth Curaleaf branded dispensaries in the fast-growth Phoenix metro market, but greatly enhances our processing capabilities and accelerates our plans to produce and distribute wholesale products in the state.

The transactions had a combined consideration of $25.5 million, of which $3.5 million is in stock and $22 million in cash.

About Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 47 dispensaries, 13 cultivation sites and 12 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as in the CBD category through its Curaleaf Hemp brand and Bido brand for pets.

Original press release

Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.

Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

Get Our Sunday Newsletter