Curaleaf Holdings Acquires Two Arizona Cannabis Operators for $25.5 Million to Expand Processing Capacity and Drive-Through Medical Marijuana Access

On June 28, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Curaleaf Holdings, a leading vertically integrated cannabis operator in the United States, announced the completion of its acquisition of two cannabis companies in Arizona, USA, for a total consideration of $25.5 million, including $22 million in cash and $3.5 million paid through the issuance of company stock.

Curaleaf operates in 12 U.S. states, serving 150,000 patients. The company offers a range of all-natural medical cannabis products, including low-THC (tetrahydrocannabinol) cannabis, high-CBD (cannabidiol) cannabis, and full-strength 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, 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.

Following the completion of Curaleaf's acquisition of cannabis company Glendale Greenhouse, the latter’s cannabis retail stores will be rebranded as Curaleaf.

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 CO₂ extraction laboratory and a food processing area. The CO₂ extraction laboratory 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.

In addition, Curaleaf acquired Phyttotherapeutics Management Services, a subsidiary of Phytotherapeutics of Tucson. Phytotherapeutics of Tucson is a medical marijuana (MMJ) dispensary licensed in the state of Arizona, founded by Dr. Lisa Landy and operational since mid-2013. The dispensary provides services such as seven-day-a-week delivery to over 2,000 patients. All medications offered by the dispensary are 100% organic, produced through soil-based cultivation at its own growing center.

Following the transaction, Curaleaf will leverage Phytotherapeutics’ dispensary license to establish a new flagship dispensary in Maricopa County, bringing its total number of locations in Arizona to eight and making it the company with the most dispensaries in the county. According to data released by the U.S. Census Bureau, Maricopa County has been the fastest-growing county in the United States for three consecutive years.

Curaleaf CEO Joseph Lusardi stated, “With the acquisition of Glendale Greenhouse and Phyttotherapeutics Management Services, we will provide consumers in the Arizona market with more reliable and high-quality cannabis products. This transaction not only solidifies Curaleaf’s position in the dispensary industry but also significantly enhances our cannabis processing capabilities to advance our national strategy for the production and distribution of wholesale products.”

(Compiled by Tang Lulu)