Looking for added vertical integration in Nevada, Curaleaf Holdings, Inc. (CSE: CURA OTCQX: CURLF) this week entered an agreement to obtain Las Vegas-primarily based cultivator Acres Cannabis in a money and stock deal.
The terms of the acquisition see Curaleaf paying $25 million straight in addition to giving stock valued at $45 million, with a bonus to be paid if Acres manages to hit undisclosed financial milestones in the months following the deal is completed.
Acres presently runs a nationally renowned dispensary in Las Vegas that involves a marijuana history museum, weekly cannabis farmers market place, and a 24/7 acquiring knowledge with on the web invest in-ahead alternatives.
Commenting on the planned acquisition, Curaleaf’s Chief Executive Officer Joseph Lusardi issued this statement:
Acres operates a flagship dispensary in the heart of Las Vegas, complementing our current assets in the state incredibly nicely, and importantly, we can manage the consistency, high-quality and production expense of our personal cannabis merchandise. We constructed the most accessible, trusted and trustworthy cannabis brand and are incredibly excited about prospects in Nevada for retail and wholesale.
Upon closing of the deal later this year, the Acres dispensary will see a re-branding beneath the Curaleaf name. Aside from that current dispensary, Acres is presently focused on two key building projects, with a second dispensary in Ely, Nevada and a second cultivation facility each in the operates.
When that cultivation expansion project is completed, Acres will add a cumulative 400,000 sq. ft. of develop space capacity to the Curaleaf brand, with an estimated 100,000 pounds of dried flower item to be created annually. That milestone will see a important enhance in present operations, with Acres harvesting five,000 pounds in the course of Q4 2018.
Nevada is just the most recent state to see expansion efforts from Curaleaf, with the company opening dispensaries in New York and Florida in current months as nicely.
At the finish of February, Curaleaf on top of that signed an agreement to obtain California-primarily based cultivator Eureka Investment Partners, LLC. The money and stock Eureka deal was valued at $30.five million.
The firm is also gearing up to release Q4 monetary outcomes following close of market place tonight, March 20. A webcast and conference contact will be held following finish of organization right now to go over these outcomes with shareholders.