Marijuana MSO Curaleaf completes $211 million Bloom acquisition in Arizona

Marijuana multistate operator Curaleaf Holdings finished up its previously announced acquisition of vertically integrated Arizona cannabis company Bloom Dispensaries.

The addition of Bloom’s four Arizona retail locations gives Curaleaf a total of 13 marijuana stores in the state, according to a Wednesday news release.

Curaleaf also gains two cultivation and processing facilities in Arizona.

The deal was worth roughly $211 million, including $51 million in cash on closing.

Curaleaf will pay for the remainder by issuing promissory notes due on the first, second and third anniversaries of the closing, worth a total of $160 million.

The third promissory note may be paid in Curaleaf shares at a price of $13.85 per share.

Curaleaf said Bloom’s 2021 revenue was approximately $66 million.

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“Arizona represents a significant market opportunity with strong long-term growth potential, and we believe the combination of our two companies will enable Curaleaf to accelerate our growth strategy in the state,” Curaleaf CEO Joseph Bayern said in a statement.

Massachusetts-based Curaleaf trades as CURA on the Canadian Securities Exchange and as CURLF on U.S. over-the-counter markets.