Curaleaf Holdings Purchases Cura Partners for Nearly $1 Billion
Curaleaf Holdings, Inc. (OTCQX: CURLF)
announced today that it has entered into a definitive agreement to acquire Cura Partners, Inc. (Cura). Cura, owners of Select brand, which is a well-known brand of cannabis products, has agreed to a purchase price of US$948.8 million, or C$1.27 billion. Cura was recognized by Oregon Business Magazine as one out of the “Top 100 Companies to Work For” in 2018 and received back-to-back years of recognition in 2019 after it increased the employee count by 400% while it was still able to focus on its company culture.
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The acquired assets that Curaleaf will gain from Cura include all aspects of the Select brand. Individual aspects of the acquired Select brand assets include intellectual property, manufacturing, processing, distribution, marketing, and retailing operations as well as all of the recreational cannabis products that are sold with the Select brand name.
It is reported that the Select brand is the most well-known wholesale cannabis brand within the United States and its tetrahydrocannabinol (THC) cannabis products are sold at over 900 different dispensary retailers. The brand is based in Portland, Oregon, but also leads at the front of the recognized brands pack in important Western states like California, Arizona, Nevada, as well as Oregon.
Joseph Lusardi, Chief Executive Officer of Curaleaf Holdings, stated: “The transformational acquisition of Cura and the Select brand is another step in our journey to create the most accessible cannabis brands in the United States. The combination of Curaleaf and Select is a perfect fit. With our industry leading capacity, expansive retail distribution network and Select’s impressive sales and marketing capabilities, we intend to meaningfully accelerate our topline growth trajectory with the addition of the Select Oil product range. In addition, we intend to create significant operational synergies from the integration of Select’s wholesale business with our vertically-integrated cultivating, processing and retail platform. We look forward to welcoming the talented Select team who will bring superior brand marketing expertise and a culture of innovation in technology and product development.”
Curaleaf’s footprint across the United States will now span, upon completion of the acquisition, across from the company’s well-established home on the East Coast to the West Coast where the Select brand reigns supreme.
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Curaleaf Holdings Purchases Cura Partners for Nearly $1 Billion
