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.
The learning curve for entering the cannabis industry is steep. Start with the fundamentals.
MJBiz Cannabis 101 Email Course
A 10-part email course designed to educate new hires and aspiring professionals on the key fundamental areas of the legal cannabis industry, including:
- History of legal cannabis in America
- Overview of plant-touching + ancillary business sectors
- Cannabis finance and investing
- Cannabis marketing and brand building
- Employment + hiring opportunities
- And much more!
Gain a comprehensive understanding of this complex industry with this free resource.
“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.