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Curaleaf Acquires Arizona-Based Emerald Dispensary for USD 18m
Friday 24 May 2019

24 May 2019 - Massachusetts, US-based cannabis operator Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has acquired exclusive rights to operate Arizona, US-based Emerald dispensary, whose license is held by Arizona non-profit corporation Absolute Healthcare, Inc., the company said.
Total consideration for the transaction was USD 18m, of which USD 10m in cash was paid into escrow, USD 5.0m in cash is payable six months after the closing, and USD 3.0m in cash is payable 12 months after the closing.
The dispensary will be rebranded as Curaleaf after the transaction closes.
Emerald Dispensary in Gilbert, Arizona will expand the company's presence in the state and increase patient access to high-quality cannabis products.
Curaleaf Holdings, Inc. is a high-growth cannabis company with a national brand. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 44 dispensaries, 12 cultivation sites and 11 processing sites.
Emerald is the only dispensary licensed to operate in the Town of Gilbert, which is located in the Metro Phoenix area. It is one of Arizona's largest and longest standing medical cannabis retailers, serving over 44,000 unique patients since 2014.
Details
Date Published: 24/05/2019
Target: Exclusive rights to operate Arizona Emerald dispensary
Country: USA
Deal Size: 18m (USD)
Sector: Wholesale/Retail
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Absolute Healthcare
Buyer: Curaleaf Holdings
Comment:
Terms of the deal were not disclosed

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