Marijuana company Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) will buy Natural Remedy Patient Center, LLC, a Safford, Arizona dispensary for $13 million in stock and cash. The company confirmed Thursday it has signed a definitive acquisition agreement and expects the transaction to close this coming January.
Once the transaction is completed Curaleaf’s retail footprint will reach 118 dispensaries across the U.S. The news comes on the heels of the company’s announcement to open four new dispensaries in Florida by the end of this year.
The Deal Highlights
Under the agreement, Curaleaf will pay $12 million in cash and total share consideration of $1 million in subordinate voting shares of Curaleaf based on the market price during the period before closing. The Curaleaf shares will be subject to a two-year lockup period from the date of close.
“Arizona remains an important expansion market for Curaleaf, and we are excited to add our tenth retail dispensary in the state,” Joseph Bayern, CEO of Curaleaf stated. “We are also looking forward to relocating this dispensary to our new, highly trafficked flagship location in Scottsdale next year. Overall, our acquisition of Natural Remedy aligns with our strategy to continue expanding our leading U.S. presence both organically and through M&A.”
In mid-2022, Curaleaf, based in Wakefield, Massachusetts, plans to relocate the Safford retail store to a new 9,000 square foot dispensary at 16277 N. Greenway Hayden Loop, Scottsdale, Arizona. The flagship Scottsdale dispensary will be one of just five in the city and will be strategically located at the highly trafficked intersection of Frank Lloyd Wright Boulevard and N. Greenway Hayden Loop in the Scottsdale Airpark.
After the close of the company’s previously announced acquisition of Tryke Companies, which is expected in the second half of 2022, Curaleaf’s retail footprint in Arizona will increase to 12 dispensaries.
More recent news from Curaleaf:
More Money For Curaleaf: Cannabis Co. Closes On $50M Private Placement Of 8% Senior Secured Notes
Las Vegas Strip Gets Its Own Cannabis Drive-Thru With Curaleaf
Curaleaf Borrows $425M For Five Years To Refinance Existing Debt
Curaleaf’s shares closed Wednesday market session 3.61% higher at $8.60 per share.
Photo: Courtesy of Rick Proctor on Unsplash