Curaleaf Holdings Inc OTCMKTS: CURLF Completes Acquisition of Emerald Dispensary


Curaleaf Holdings Inc OTCMKTS: CURLF 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 45 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 OTCMKTS: CURLF On May 30, 2019 announced that it completed the acquisition of the Emerald dispensary in Gilbert, Arizona, whose license is held by Absolute Healthcare, Inc., an Arizona non-profit corporation. The signing was announced earlier on May 21, 2019 and the transaction was closed on May 29, 2019. The dispensary is expected to be rebranded as Curaleaf over the next month.

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.

Curaleaf has the largest footprint of single-branded retail stores in the U.S. and is executing on its strategy of building a national brand in highly populated states. Curaleaf will continue to explore opportunities to open additional locations throughout the state of Arizona in 2019.

Curaleaf Holdings Inc OTCMKTS: CURLF On May 30, 2019 reported its financial and operating results for the first quarter ended March 31, 2019. All financial information is provided in U.S. dollars unless otherwise indicated.

“In the months since our last earnings release we have continued to execute on our strategy to become the leading vertically integrated multi-state cannabis operator in the United States,” said Joseph Lusardi, Chief Executive Officer of Curaleaf. “We reported strong organic growth, anchored by our core East Coast markets, and announced several landmark transactions, including the acquisition of Select, that will position Curaleaf to lead the industry forward. The combination of Curaleaf and Select will bring together the largest retailer and largest wholesaler, with the leading wellness and lifestyle brands in the United States, providing substantial opportunities to accelerate revenue growth, achieve significant cost savings and expand overall margins. I am excited for the future as we continue to pursue ways to expand our footprint and integrate across states to create value for shareholders.”

Neil Davidson, Chief Financial Officer of Curaleaf, added, “In addition to Select, we prudently deployed capital focusing on tuck-in acquisitions that will expand our footprint and capabilities in key markets. We remain focused on positioning ourselves as the industry leader through prudent capital allocation to deliver strong organic growth. We are confident in our strategy and plans for accelerated growth in the back half of the year, as we build out a national platform and brands with the goal of producing profitable and positive cash flow over the long-term.”