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.
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