WAKEFIELD, Mass., July 13, 2020--PRESS RELEASE-- Curaleaf Holdings, Inc., a vertically integrated cannabis operator in the U.S., today announced that Curaleaf has completed the acquisition from Grassroots of exclusive rights to the Grassroots' All Rebels Rockers Inc. marijuana license in Arizona. The transaction was completed in advance of the closing of Curaleaf's acquisition of Grassroots to enable accelerated development of the All Rebel Rockers license.
Curaleaf's acquisition of Grassroots itself is expected to close early next week, after the Grassroots shareholders meeting scheduled to approve the revised transaction on July 16.
Joseph Lusardi, CEO of Curaleaf, said, "Our acquisition of our ninth license in Arizona further strengthens our presence in the state, which continues to be one of the largest medical cannabis markets in the country. It also marks one of the final milestones before we formally close our acquisition of Grassroots."
Under this license Curaleaf will open its ninth store, as it currently operates eight dispensaries in Arizona and already has one of the largest retail footprints in the Metro Phoenix Area. Arizona is one of the largest medical marijuana markets in the U.S. with one of the highest percentages of registered patients.
The close of the acquisition of Grassroots will make Curaleaf the world's largest cannabis company by revenue and the most diversified, vertically integrated cannabis company in the U.S., the world's largest cannabis market. The transaction expands Curaleaf's presence from 18 to 23 states, with the combined company having over 135 dispensary licenses, 89 operational dispensary locations, over 30 processing facilities and 22 cultivation sites with 1.6 million square feet of current cultivation capacity.
