Emerald Dispensary in Gilbert, Arizona will Expand the Company’s Presence in the State and Increase Patient Access to High-Quality Cannabis Products
WAKEFIELD, Mass., May 21, 2019 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”), a leading vertically integrated cannabis operator in the United States, today announced it has acquired exclusive rights to operate the Emerald dispensary in Gilbert, AZ, whose license is held by Absolute Healthcare, Inc., an Arizona non-profit corporation. The dispensary will be rebranded as Curaleaf after the transaction closes.
Emerald is the only dispensary licensed to operate in the Town of Gilbert which is located in the Metro Phoenix area. It is one of Arizona’s largest and longest standing medical cannabis retailers, serving over 44,000 unique patients since 2014. With over $1 million in revenue in March 2019, it is one of the highest grossing dispensaries in the state. Gilbert, located in the East Valley, is highly complementary to Curaleaf’s existing network of dispensaries in Phoenix.
“This store fits very well into our existing footprint in Phoenix and is expected to be immediately accretive,” said Joseph Lusardi, Chief Executive Officer. “Combining Emerald’s large patient base with Curaleaf’s established supply chain is anticipated to generate strong earnings and enhance patient care in Arizona.”
Total consideration for the transaction was $18 million, of which $10 million in cash was paid into escrow on May 17, 2019, $5 million in cash is payable six months after the closing, and $3 million in cash is payable 12 months after the closing, which is subject to regulatory approval.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is the leading vertically integrated multi-state cannabis operator in the United States. It is a high-growth cannabis company with a national brand known for quality, trust and reliability. The company is positioned in highly populated, limited license states, and currently operates in 12 states with 44 dispensaries, 12 cultivation sites, and 11 processing sites. Curaleaf has the executive expertise and research and development capabilities to provide leading service, selection, and accessibility across the medical and adult-use markets, as well as the CBD category through its Curaleaf Hemp brand.
Curaleaf Holdings, Inc.
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