Curaleaf To Buy Three Dispensaries In An Important Emerging Market

Curaleaf Holdings, Inc. CURLF CURA has entered into a definitive agreement to acquire Deseret Wellness, a cannabis retail operator in Utah, in a cash and stock transaction valued at approximately $20 million. The transaction is expected to close imminently, subject to customary closing conditions.

The proposed transaction with Deseret includes three retail dispensaries located in the cities of Park City, Provo and Payson, with a combined annualized revenue run rate of $14 million. Deseret immediately strengthens Curaleaf's retail footprint in Utah, providing the state's medical patients with a variety of products including cannabis flower, vape cartridges, edibles, and concentrates. Following the close of Deseret, Curaleaf's retail footprint will increase to four dispensaries in Utah and 150 nationwide.

Matt Darin, CEO of Curaleaf, stated, "Utah is an important emerging market for Curaleaf, and we are excited to expand our medical retail footprint in the state. Deseret shares Curaleaf's mission of expanding access to high-quality, tested and regulated cannabis products while providing patients with superior service. Deseret has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position in the Utah market."

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Photo: Benzinga edit with photos by geralt, lindsayfox on Pixabay