Marijuana MSO Curaleaf completes $211 million Bloom acquisition in Arizona

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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.