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Curaleaf Acquiring Its Sixth Dispensary in Arizona for $18 Million


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Curaleaf Gilbert Dispensary
Curaleaf, a leading cannabis company in the United States, today announced it has acquired exclusive rights to operate the Emerald dispensary in Gilbert, AZ. The dispensary will be rebranded as Curaleaf after the transaction closes.

Emerald is the only dispensary licensed to operate in the town of Gilbert. It is one of Arizona’s largest and longest standing medical cannabis dispensaries, serving over 44,000 patients since 2014. With over $1 million in revenue in March 2019, it is one of the highest grossing dispensaries in the state.

“This store fits very well into our existing footprint in Phoenix and is expected to be immediately accretive,” said CEO Joseph Lusardi. “Combining Emerald’s large patient base with Curaleaf’s established supply chain is anticipated to generate strong earnings and enhance patient care in Arizona.”

Total consideration for the transaction was $18 million, of which $10 million in cash was paid into escrow on May 17, 2019, $5 million in cash is payable six months after the closing, and $3 million in cash is payable 12 months after the closing, which is subject to regulatory approval.

Photo: Emerald

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Arizona legalized marijuana for recreational use in November 2020. The law allows adults aged 21+ to purchase, possess and use cannabis. State-licensed cannabis dispensaries began selling recreational marijuana in early 2021. There are over 150 dispensaries in Arizona — a majority of them are in populous areas such as Phoenix, Tucson and Flagstaff. Recreational cannabis delivery services began operating in 2024.  


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