Curaleaf Holdings Inc CURLF will expand in Arizona through the acquisition of two separate businesses that will allow it to open two new stores in the Phoenix area.
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What Happened
The vertically-integrated cannabis operator entered into an agreement to acquire Glendale Greenhouse, which operates a cultivation and processing facility, and a prime retail location.
The other acquisition involves Phytotherapeutics Management Services, which owns a retail license and a dispensary in Arizona.
Both acquisitions have a combined value of $25.5 million, which includes $3.5 million in stock and $22 million in cash.
Why It's Important
Through the acquisition of Glendale, Curaleaf will get access to a 20,000 square-foot multi-level cultivation center with an estimated annual capacity of 3,600 pounds of flower.
In addition, Glendale owns a 1,500 square-foot dispensary located off the Agua Fria Freeway, which can be expanded to 5,000 square feet. Glendale holds the master lease on the 15,000 square-foot building where the dispensary is based.
Glendale's processing facility has a CO2 extraction lab and kitchen that is producing various edible products.
Once the acquisition of Phytotherepeutics is completed, the license associated with the dispensary will be applied to a new flagship location in a prime spot on the 83rd Avenue in the Phoenix metro area.
Curaleaf traded higher by 2.2% to $7.41 per share at time of publication.
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