Curaleaf Announces Two Acquisitions for $25.5 million


Jun. 27 2019, Updated 3:13 p.m. ET

The announcement

Today, Curaleaf Holdings (CURLF)(CURA) announced that it agreed to acquire Glendale Greenhouse and Phytotherapeutics Management Services, both located in Arizona, for a combined value of $25.5 million.

Glendale Greenhouse operates a cultivation and processing facility along with a retail dispensary, which is located at a prime location close to the Agua Fria Freeway. The company’s production facility spans 20,000 square feet with a multi-level cultivation center capable of producing 3,600 pounds of cannabis flowers every year. The retail dispensary is a 1,500-square-foot area that can be expanded to 5,000 square feet. The company plans to rebrand the dispensary to Curaleaf once the transaction closes.

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After closing with Phytotherapeutics Management Services, Curaleaf plans to apply the license associated with the dispensary to its newly developed flagship dispensary at 2175 N 83rd Avenue, part of the Phoenix Metro submarket and close to the I-10 Freeway. The new location is in the vicinity of Ak-Chin Pavilion, which organizes nearly 40 events every year.

Of the $25.5 million combined transaction amount, Curaleaf is to pay $3.5 million in stocks and $22 million in cash. These acquisitions should increase the number of Curaleaf’s dispensaries in Arizona to eight.

In a statement, Joseph Lusardi, Curaleaf CEO, stated, “The acquisition of both Glendale Greenhouse and the opening of our 83rd Avenue location demonstrates our commitment to the Arizona market and to providing consumers with reliable and high-quality cannabis experience.”

He added, “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.”


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