Curaleaf Completes Acquisition of Glendale Greenhouse to Expand Integrated Cannabis Operations in Arizona

On August 20, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Curaleaf Holdings, a leading integrated cannabis operator in the United States, announced the completion of its acquisition of Glendale Greenhouse. The acquisition agreement was signed on June 27, 2019, and has recently been formally closed. Following the completion of the acquisition, Glendale Greenhouse will be renamed Curaleaf.

In addition, this June, Curaleaf announced the acquisition of Phyttotherapeutics Management Services, a subsidiary of Phytotherapeutics of Tucson, alongside its acquisition of Glendale Greenhouse. The combined acquisitions totaled $25.5 million, with $22 million paid in cash and $3.5 million paid through the issuance of company stock.

Curaleaf successfully completed three acquisitions in Arizona this year, expanding its footprint to eight locations. With the largest single-brand retail presence in the United States, Curaleaf will continue to build a national brand in populous states. Earlier this year, Curaleaf completed the acquisition of Eureka in California and made significant progress in acquiring Acres in Nevada, as well as OGT, Select, and Grassroots in Ohio.

Glendale Greenhouse operates a 20,000-square-foot multi-tier cultivation center capable of producing 3,600 pounds of plant material annually. The facility features an advanced carbon dioxide extraction laboratory and a food processing area. The CO2 extraction lab produces various edible products, such as mints, chewing gum, chocolate, and ice cream, with additional products expected to launch in the second half of 2019. The company’s dispensary, located near the Agua Fria Freeway, spans 1,500 square feet and is poised for expansion to 5,000 square feet in the future. Glendale Greenhouse also maintains a 15,000-square-foot office building at the dispensary site.

Curaleaf operates in 12 U.S. states, serving 150,000 patients. The company offers a range of all-natural medical cannabis products, including low-tetrahydrocannabinol (THC) cannabis, high-cannabidiol (CBD) cannabis, and full-potency medical cannabis. Curaleaf’s dispensaries handle distribution, providing high-quality cannabis products to eligible patients with physician authorization.

Curaleaf has also established drive-thru sales points (a fast-food service model in which customers complete the entire shopping process from their vehicles via three windows: ordering at the first window, paying at the second, and picking up their items at the third before driving away), allowing patients to order products online and pick them up by car.

Curaleaf operates medical cannabis cultivation facilities and boasts over 50 years of extensive experience in cannabis cultivation. The company employs the industry’s most precise and advanced medical-grade technologies throughout its production process to manufacture products such as capsules, cannabis concentrates, cannabis oils, and topical cannabis formulations. Curaleaf’s business team comprises registered physicians, licensed pharmacists, seasoned horticultural experts, and innovative professionals from the commercial sector, all dedicated to alleviating patient suffering and improving their quality of life through cannabis-based therapies.

(Compiled by Cheng Tao)