Curaleaf Holdings Acquires Arizona Cannabis Operator Bloom Dispensaries.
MANews-(C)2009-2022
US-based cannabis consumer products provider Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has entered into a definitive agreement to acquire Arizona, US-based vertically integrated, single state cannabis operator Bloom Dispensaries in an all cash transaction valued at approximately USD 211m, the company said.
The transaction is expected to close in January 2022, subject to customary approvals and conditions.
The proposed transaction with Bloom includes four retail dispensaries located in the cities of Phoenix, Tucson, Peoria, and the only dispensary currently in Sedona, with a combined population of over 2.3m and drawing millions of tourists every year.
In addition, Bloom strengthens Curaleaf's production capabilities in Arizona with the addition of two adjacent cultivation and processing facilities located in north Phoenix totaling approximately 63,500 sq. ft. of space.
Finally, Bloom has an attractive financial profile, generating expected 2021 revenue of approximately USD 66m and EBITDA margins of more than 40%.
Following the close of Bloom and the previously announced acquisitions of Tryke Companies and Natural Remedy Patient Center, Curaleaf's retail footprint will increase to 16 dispensaries in Arizona and 128 nationwide.
Under the terms of the agreement, Curaleaf will pay USD 51m in cash at closing, with the remaining approximately USD 160m paid in three promissory notes of USD 50m, USD 50m, and USD 60m...
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