Cannabis retailer Curaleaf expands US footprint in $875 million deal


U.S. cannabis retailer Curaleaf Holdings Inc stated on Wednesday it would obtain privately held GR Businesses Inc (Grassroots) in a money and stock deal valued at about $875 million to expand its footprint in the United States.

Wakefield, Massachusetts-primarily based Curaleaf Holdings Inc is expanding its footprint in the American cannabis industry by acquiring Chicago, Illinois-primarily based Grassroots Cannabis, 1 of the final substantial privately-held Chicago-primarily based cannabis firms to make a deal, according to Crain’s Chicago Enterprise.

Grassroots has additional 400 staff and operates in Illinois, Nevada, Pennsylvania, Michigan, Maryland, Oklahoma, Ohio, Vermont, North Dakota, Arkansas, and Connecticut. The deal, which is anticipated to be finalized in early 2020, will expand Curaleaf’s U.S. presence to 19 states, up from 12 states.

Below the terms of the deal, Curaleaf will spend Grassroots $75 million in money, and present 102.eight million subordinate voting shares and $40 million worth of shares.

The combined business will have 131 dispensary licenses, 68 operational areas, 20 cultivation websites, and 26 processing facilities, reports Market Watch.

In Could, Curaleaf announced it would buy Cura Partners Inc’s Pick brand in an all-stock deal valued at C$1.27 billion to make the planet’s biggest cannabis business by income. Identified also as Cura Cannabis Options, Cura Partners is headquartered in Southeast Portland, Oregon but has extended its Pick Oil brand of vape cartridges and other items to a number of states, which includes Nevada, California, and Arizona.

“With the acquisition of Grassroots and the pending acquisition of Pick, Curaleaf is the planet’s biggest cannabis business by each income and operating presence,” stated Joseph Lusardi, CEO of Curaleaf.

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Published: July 17, 2019

The post Cannabis retailer Curaleaf expands US footprint in $875 million deal appeared initial on L.A. Cannabis News.


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