Massachusetts-based cannabis company Curaleaf announced Monday it purchased Acres Cannabis, which according to the company has the largest cultivation facilities in Nevada, for $70 million in cash and stock.
Curaleaf will pay $25 million in cash, and $45 million in Curaleaf stock.
Curaleaf will add Acres 269,000 square feet of operating cultivation facilities with further plans to add on the company’s 37 acres of land in Amargosa Valley, Nevada.
“The acquisition of Acres is a major step in expanding our vertical platform in Nevada. Acres operates a flagship dispensary in the heart of Las Vegas, complementing our existing assets in the state extremely well, and importantly, we can control the consistency, quality and production cost of our own cannabis products,” said Joseph Lusardi, CEO of Curaleaf. “We have built the most accessible, trusted and reliable cannabis brand and are extremely excited about the prospects in Nevada both for retail and wholesale activity.”
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The addition of Acres’ cultivation platform will provide Curaleaf with 42,000 square feet of functioning climate-controlled greenhouses and 227,000 square feet of outdoor cultivation.
“Curaleaf’s management, vision and rapid expansion plans made them the natural fit for Acres.” Acres CEO John Mueller said. “Acres believes Curaleaf is very well positioned to continue to be the largest cannabis operator in the U.S. giving our partners significant upside.”
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Date: March 25, 2019
Source: TheStreet
