Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) announced a purchase of two marijuana operations in Arizona for a combined price tag of US$25.5 million.
As quoted in the press release:
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.
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.
Joseph Lusardi, CEO of Curaleaf said: “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.