Curaleaf Announces Agreement To Acquire Natural Remedy Patient Center In Arizona
Curaleaf continues its Arizona expansion, adding tenth dispensary in the state
WAKEFIELD, Mass., Dec. 23, 2021 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today announced that it has entered into a definitive agreement to acquire Natural Remedy Patient Center, LLC (“Natural Remedy”), a Safford, Arizona dispensary, in a cash and stock transaction valued at approximately US$13 million (the “Transaction”). The Transaction is expected to close in January 2022, subject to customary approvals and conditions. Upon close, this transaction will increase the Company’s retail footprint to 118 dispensaries across the country.
In mid-2022, Curaleaf intends to relocate the Safford retail store to a new, flagship 9,000 square foot dispensary located at 16277 N. Greenway Hayden Loop, Scottsdale, Arizona. Curaleaf’s new Scottsdale dispensary will be one of just five in the city and will be strategically located at the highly trafficked intersection of Frank Lloyd Wright Boulevard and N. Greenway Hayden Loop in the Scottsdale Airpark. Curaleaf will continue to operate and serve patients and consumers from the Safford dispensary until the Scottsdale relocation is complete. After the close of the Company’s previously announced acquisition of Tryke Companies, which is expected in the second half of 2022, Curaleaf’s retail footprint in Arizona will increase to 12 dispensaries.
Arizona remains an important expansion market for Curaleaf, and we are excited to add our tenth retail dispensary in the state. We are also looking forward to relocating this dispensary to our new, highly trafficked flagship location in Scottsdale next year.
Joseph Bayern, CEO of Curaleaf
Overall, our acquisition of Natural Remedy aligns with our strategy to continue expanding our leading U.S. presence both organically and through M&A.
Under the terms of the agreement, Curaleaf will pay US$12 million in cash and total share consideration of US$1 million of subordinate voting shares of Curaleaf based on the market price during the period before closing (“Curaleaf Shares”). The Curaleaf Shares will be subject to a two-year lockup period from the date of close.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States, Curaleaf currently operates in 23 states with 115 dispensaries, 25 cultivation sites, and employs over 5,200 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.