Curaleaf, a leading international provider of consumer products in cannabis, announced that it has entered into a definitive agreement to acquire Natural Remedy Patient Center, LLC (“Natural Remedy”), a Safford, Arizona dispensary, in a cash and stock transaction valued at approximately $13 million. The Transaction is expected to close in January 2022, subject to customary approvals and conditions. Upon close, this transaction will increase the Company’s retail footprint to 118 dispensaries across the country.
In mid-2022, Curaleaf intends to relocate the Safford retail store to a new, flagship 9,000 square foot dispensary located at 16277 N. Greenway Hayden Loop, Scottsdale, Arizona. Curaleaf’s new Scottsdale dispensary will be one of just five in the city and will be strategically located at the highly trafficked intersection of Frank Lloyd Wright Boulevard and N. Greenway Hayden Loop in the Scottsdale Airpark. Curaleaf will continue to operate and serve patients and consumers from the Safford dispensary until the Scottsdale relocation is complete. After the close of the Company’s previously announced acquisition of Tryke Companies, which is expected in the second half of 2022, Curaleaf’s retail footprint in Arizona will increase to 12 dispensaries.
Joseph Bayern, CEO of Curaleaf, stated, “Arizona remains an important expansion market for Curaleaf, and we are excited to add our tenth retail dispensary in the state. 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 our strategy to continue expanding our leading U.S. presence both organically and through M&A.”
Under the terms of the agreement, Curaleaf will pay $12 million in cash and total share consideration of $1 million of subordinate voting shares of Curaleaf based on the market price during the period before closing. The Curaleaf Shares will be subject to a two-year lockup period from the date of close.