Curaleaf Publicizes Two Acquisitions to Open seventh and eighth Shops in Phoenix Metro Space
Supplies Curaleaf with the Main Retail Footprint within the Phoenix Metro Space
WAKEFIELD, Mass., June 27, 2019 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA /OTCQX: CURLF), a number one vertically built-in cannabis operator in the US, as we speak introduced that it has made two separate acquisitions in Arizona for mixed consideration of $25.5 million.
Curaleaf entered into an settlement to accumulate Glendale Greenhouse, a vertically built-in cannabis enterprise working a cultivation and processing facility, in addition to a main retail location, with plans to rebrand as Curaleaf after the transaction closes.
The Glendale Greenhouse manufacturing facility is a 20,000 square-foot, multi-level cultivation middle which is able to producing 3,600 kilos of flower yearly. Its 1,500 square-foot dispensary, situated instantly off the Agua Fria Freeway with 90,000 automobiles passing each day, could be expanded to just about 5,000 square-feet. Glendale Greenhouse holds the grasp lease on the 15,000 square-foot multi-tenant constructing the place the dispensary is situated. The ability additionally operates a state-of-the-art CO2 extraction lab and a kitchen, which is already producing varied edible traces resembling mints, gummies, brownies and ice cream, with extra merchandise anticipated to launch later this yr.
Moreover, Curaleaf agreed to accumulate Phytotherapeutics Administration Companies, LLC, which operates underneath the license of Phytotherapeutics of Tucson, LLC. Upon shut of the transaction, the license related to the dispensary might be utilized to a newly developed, flagship dispensary situated at 2175 N 83rd Avenue, which is a part of an thrilling Phoenix metro submarket with shut entry to the I-10 Freeway. The dispensary may even be within the speedy neighborhood of the nationally acknowledged Ak-Chin Pavilion, a preferred outside amphitheater and live performance stadium internet hosting almost forty occasions a yr. This new location on 83rd Avenue will deliver Curaleaf’s retailer depend in Arizona to eight, all in Maricopa county. Based on US Census Bureau information, Maricopa is the nation’s quickest rising county for the third consecutive yr, giving Curaleaf the best retailer depend within the county.
The acquisition of each Glendale Greenhouse and the opening of our 83rd Avenue location demonstrates our dedication to the Arizona market and to offering shoppers with dependable and high-quality cannabis expertise.
Joseph Lusardi, Chief Govt Officer
This transaction not solely strengthens our place with the seventh and eighth Curaleaf branded dispensaries within the fast-growth Phoenix metro market, however enormously enhances our processing capabilities and accelerates our plans to provide and distribute wholesale merchandise within the state.
The transactions had a mixed consideration of $25.5 million, of which $3.5 million is in inventory and $22 million in money.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is the main vertically built-in multi-state cannabis operator in the US. It’s a high-growth cannabis firm with a nationwide model recognized for high quality, belief and reliability. The corporate is positioned in extremely populated, restricted license states, and presently operates in 12 states with 47 dispensaries, 13 cultivation websites and 12 processing websites. Curaleaf has the chief experience and analysis and growth capabilities to offer main service, choice, and accessibility throughout the medical and adult-use markets, in addition to within the CBD class by its Curaleaf Hemp model and Bido model for pets.
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