A leading multi-state cannabis company has revealed plans to acquire an Arizona dispensary.
Wakefield, Massachusetts-based Curaleaf on Thursday announced a definitive agreement to acquire the Natural Remedy Patient Center, LLC in Stafford.
Curaleaf says the acquisition will be a cash and stock transaction with an approximately $13 million value.
The company expects the transaction to close in January 2022, subject to customary approvals and conditions.
Upon completion of the acquisition, Curaleaf will have a retail footprint of 118 dispensaries across the United States.
Pending the close of Curaleaf’s acquisition of Tryke Companies, expected in the second half of 2022, the company will have 12 dispensaries in Arizona.
“Arizona remains an important expansion market for Curaleaf, and we are excited to add our tenth retail dispensary in the state,” says Curaleaf CEO Joe Bayern. “We are also looking forward to relocating this dispensary to our new, highly trafficked flagship location in Scottsdale next year. Overall, our acquisition of Natural Remedy aligns with out strategy to continue expanding our leading U.S. presence both organically and thorough M&A.”
Curaleaf plans to relocate the Staffords store to a new 9,000 square foot flagship location located at 16277 North Greenway Hayden Loop in Scottsdale.
According to the company, the dispensary will be one of five cannabis shops in the city and strategically located at the busy Frank Lloyd Wright Boulevard and North Greenway Hayden Loop.
Curaleaf says it will continue to operate the dispensary in Stafford and serve patients and consumers until it finishes the Scottsdale relocation.
Under the agreement terms, the company says it will pay $12 million in cash and a total share consideration of $1 million of subordinate voting shares of Curaleaf stock based on the market price during the pre-closing period.
According to Curaleaf, the shares will be subject to a two-year lockup period from the closing date.