Curaleaf Holdings (CURA.C) acquired the exclusive rights to all of Grassroots All Rebels Rockers cannabis license in Arizona today, according to a press release.
The company already has one of the largest retail reaches in the Metro Phoenix Area with one of the highest percentages of patients, and the license will give Curaleaf the go-ahead to open their 9th store, adding onto their other eight dispensaries in operation in Arizona.
“Our acquisition of our 9th license in Arizona further strengthens our presence in the state, which continues to be one of the largest medical cannabis markets in the country. It also marks one of the final milestones before we formally close our acquisition of Grassroots,” said Joseph Lusardi, CEO of Curaleaf.
The company completed the transaction prior to the closing of the deal to get with accelerating the development of the All Rebel Rockers license. Technically, the acquisition is expected to close early next week after the scheduled Grassroots shareholders meeting to approve the transaction.
Curaleaf is up nearly 10% on the news, up $0.82 to $9.71 at the time of writing. But today’s rise is only a small part of Curaleaf’s latest successes, which include more than a double since the COVID-19 drop in mid-March.
The transaction will increase Curaleaf’s cannabis footprint from 18-to-23 states, giving them access to 135 dispensary licenses, 89 operational dispensaries, over 30 processing facilities and 22 cultivation sites, with 1.6 million square feet of cultivation capacity.
Here is Boris Jordan, CURA’s chairman, discussing the state of the industry with Bloomberg two days ago: