JARS Cannabis has entered into a definitive agreement to acquire Euflora LLC, a collective of boutique recreational marijuana dispensaries in Colorado. Adding one cultivation center and greenhouse, along with 6 recreational storefronts to its portfolio, the completion of the transaction will increase JARS' retail operations to include a total of 26 storefronts across three states and solidify its positioning as a purveyor of affordable and accessible cannabis products in the nation's second and third largest cannabis markets.
"Since the inception of JARS Cannabis, it has been our mission to deliver only the highest quality of products and service to our community and customers," stated JARS Cannabis COO, Raymond Abro. "In this evolving industry, the move to acquire Euflora demonstrates a strategic opportunity for JARS to service new customers as we continue to expand our retail footprint across the nation, while aiming to create new jobs and increase access to affordable and accessible recreational cannabis products for all," added Abro.
Transaction Highlights and Benefits
-
A combined workforce of 670 employees
-
A combined loyalty base of 290,000+ customers
-
Addition of 6 recreational storefronts, increasing retail portfolio to 26 storefronts nationwide
-
One 7,200-square-foot cultivation center and greenhouse facility
-
Expanded product availability and offerings to feature a combination of 250+ brands and over 6,000 product SKUs across various categories and price points
The acquisition and rebranding of Euflora retail stores are expected to be completed by the end of Q4, subject to the satisfaction of closing conditions. John Kenny from Taft Stettinius & Hollister LLP acted as legal counsel to both JARS Cannabis and Euflora LLC on the transaction.
Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.
Photo: Benzinga; Sources: courtesy of Dmytro Tyshchenko and Kevin Ruck via Shutterstock
Related News
Detroit's Cannabis Industry Was On The Main Stage Of This Year's Movement Electronic Music Festival
Michigan's JARS Cannabis And Others Join Forces To Raise Awareness During MS Awareness Month
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.