Curaleaf To Acquire Arizona Dispensary For US$13.0 Million, Relocate It 161 Miles Away
Curaleaf Holdings (CSE: CURA) is expanding its presence in Arizona yet again. The company this morning announced that it is acquiring yet another dispensary in the state, with the latest being referred to as Natural Remedy Patient Center.
Located in Safford, Arizona, the firm is being acquired under a definitive agreement for cash and shares. With a price tag of $13.0 million, it appears that the company is largely focused on obtaining the operating dispensary license.
Curaleaf has indicated that it intends to move the dispensary from Safford to that of Scottsdale in mid-2022 – a 161 mile move – at a location that is reportedly 9,000 square feet in size., where it will be one of five dispensaries in the city. Presumably, little from the Safford location will follow the move in terms of staff and equipment, meaning the purchase was likely solely for the dispensary license.
The dispensary is to be Curaleaf’s tenth in the state.
The transaction, slated to close in January, is to consist of US$12 million in cash, along with $1.0 million in subordinate voting shares.
Curaleaf Holdings last traded at $11.05 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.
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