Curaleaf Gets Multi-State Marijuana Business for $875 Million
July 17, 2019 by erfa5t8
Curaleaf, a leading vertically incorporated cannabis operator in the United States, today announced it has signed a conclusive arrangement to acquire GR Companies, Inc. (” Grassroots”), the largest private vertically-integrated multi-state operator, in a money and stock offer valued at around $875 million. This deal solidifies Curaleaf’s position as the world’s largest marijuana business by income and the largest in the U.S. across essential operating metrics.
The highly complementary acquisition brings together the largest public and largest private multi-state operators in the U.S. to use a full variety of items to consumers in states throughout the country.
As a market leader throughout the Midwest, Grassroots has a portfolio of 61 dispensary licenses, with 20 operating today, and 17 growing and processing licenses that will significantly accelerate Curaleaf’s continued growth throughout the nation. Grassroots has developed its portfolio at an extraordinary pace, with centers in extremely competitive markets, including Illinois, Nevada, Pennsylvania, Michigan, Maryland, Oklahoma, Ohio, Vermont, North Dakota, Arkansas and Connecticut.
” With the acquisition of Grassroots and the pending acquisition of Select, Curaleaf is the world’s largest marijuana business by both revenue and operating presence,” stated Joseph Lusardi, CEO of Curaleaf. “With a combined 68 open dispensaries, this deal substantially accelerates our growth method and enhances our reach across the medical and adult-use markets.”
This transaction develops on the various strategic deals announced to date in 2019 which broadened Curaleaf’s footprint in Arizona, California, Nevada and Ohio, continuing to differentiate the business as the most accessible marijuana brand across the U.S. The business is placed in highly populated, limited-license states, and presently operates in 12 states with 48 dispensaries, 13 growing sites and 12 processing websites.
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