Curaleaf Holdings (CSE: CURA) has closed on its previously announced acquisition of certain Colorado-based assets. The acquisition effectively makes the firm vertically integrated in yet another state as the company continues to grow its operations.
The firms acquisition consisted of Los Suenos Farms, whom is the largest outdoor grower in the state. The firm boasts 66 acres of outdoor cannabis capacity across multiple facilities, as well as a 1,800 plant indoor facility and two retail locations in the state focused on adult use customers.
Curaleaf reportedly made the acquisition as a means of boosting its biomass growth within Colorado, where it has focused to grow its wholesale and retail operations. The purchase was also reportedly conducted ahead of potential interstate commerce, which will boost the firms presence significantly on a regional level.
While financial details were not included in this mornigns announcement, the firm previously indicated that it would be acquiring the assets for $67 million in aggregate, with $18 million allocated to real estate and farm assets, while the remainder is allocated to the operating entities. 61% of the transaction is said to be in company stock, 29% in cash, and the remaining 10% to be paid via five year debt.
Curaleaf Holdings last traded at $15.20 on the CSE.
Information for this briefing was found via Sedar and Curaleaf Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
