Curaleaf Announces Acquisition of Deseret Wellness
Curaleaf Holdings, a leading cannabis provider, has announced a definitive agreement to acquire Deseret Wellness, Utah's largest cannabis retail operator, for approximately US$20 million. This acquisition is expected to enhance Curaleaf's retail presence in Utah, expanding its footprint to four dispensaries in the state and 150 nationwide. Deseret Wellness, which operates three dispensaries in Park City, Provo, and Payson, has an annualized revenue run rate of US$14 million. The deal represents a significant change of ownership in Utah's cannabis market and aims to improve access to high-quality cannabis products for medical patients.
- Acquisition of Deseret Wellness strengthens market position in Utah.
- Retail footprint increases to four dispensaries in Utah and 150 nationwide.
- Deseret Wellness has an annualized revenue run rate of US$14 million.
- None.
Transaction Strengthens Curaleaf's Presence in Utah as State's Largest Retail Operator
Upon Close, the Company's Retail Footprint Will Increase to Four Dispensaries in Utah and 150 Nationwide
NEW YORK, March 29, 2023 /PRNewswire/ -- Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer cannabis products, today announced that it has entered into a definitive agreement to acquire Deseret Wellness ("Deseret"), the largest cannabis retail operator in Utah, in a cash and stock transaction valued at approximately US
The proposed Transaction with Deseret includes three retail dispensaries located in the cities of Park City, Provo and Payson, with a combined annualized revenue run rate of US
Boris Jordan, Executive Chairman of Curaleaf, stated, "We are pleased to continue Curaleaf's expansion in Utah with the acquisition of Deseret Wellness. This deal represents the largest cannabis retail change of ownership in the state's history and bolsters our strong position in the market with an attractive portfolio of retail assets. On behalf of the Board of Directors and management team, I look forward to welcoming Deseret to the Curaleaf family."
Matt Darin, CEO of Curaleaf, stated, "Utah is an important emerging market for Curaleaf, and we are excited to expand our medical retail footprint in the state. Deseret shares Curaleaf's mission of expanding access to high-quality, tested and regulated cannabis products while providing patients with superior service. Deseret has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position in the Utah market."
According to data released by the Utah Department of Health and Human Services (DHHS) Center for Medical Cannabis, the number of active medical cannabis patients in Utah increased by
About Curaleaf Holdings
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, and Grassroots provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States, Curaleaf currently operates in 19 states with 150 dispensaries and employs nearly 5,500 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com
Curaleaf IR Twitter Account: https://twitter.com/Curaleaf_IR
Investor Toolkit: https://ir.curaleaf.com/investor-toolkit
Investor Relations Website: https://ir.curaleaf.com
FORWARD-LOOKING STATEMENTS
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or, "proposed", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the acquisition of Deseret Wellness. Such forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest annual information form filed March 9, 2022, which is available under the Company's SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
IR@curaleaf.com
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
media@curaleaf.com
View original content:https://www.prnewswire.com/news-releases/curaleaf-announces-acquisition-of-deseret-wellness-301784064.html
SOURCE Curaleaf Holdings, Inc.
FAQ
What is the value of Curaleaf's acquisition of Deseret Wellness?
How many dispensaries will Curaleaf operate in Utah after the acquisition?
What is the expected revenue run rate for Deseret Wellness?
When was the acquisition of Deseret Wellness announced?
What is the significance of the acquisition for Curaleaf?
