Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, announces the completion of the previously announced reorganization of its Maryland business. The reorganization optimizes Curaleaf’s cultivation, processing and dispensary footprint in Maryland, further strengthening the Company’s position as a leading cannabis operator in the state.
In connection with the reorganization, Curaleaf has completed the acquisition of Maryland Compassionate Care and Wellness, LLC (“MCCW”), which operates a 55,000 square foot co-located cultivation and processing facility in Taneytown, MD and a dispensary in Gaithersburg, MD under the Herbology brand. Curaleaf has also completed the sale to TerrAscend Corp. (“TerrAscend”) of its interest in the HMS cultivation and processing facility in Frederick, MD for a total consideration of $27.5 million, comprised of $25.0 million in cash prior to net adjustments and a $2.5 million note. Additionally, Curaleaf sold to PharmaCann its 100% interest in the Elevate Takoma dispensary located in Takoma Park, MD and Grassroots’ principals’ 51% interest in a dispensary in Westminster, MD, for total proceeds to the Company of $3.9 million.
Joe Bayern, Chief Executive Officer of Curaleaf, stated, “We are excited to continue our expansion in the state of Maryland, offering our unparalleled patient care and education, as well as our premium cannabis products. With the #1 market share in Maryland based on licensed operations, Curaleaf is committed to serving the more than 125,300 certified cannabis patients across the state as we deliver on our mission to improve lives by providing clarity around cannabis and confidence around consumption.”
Curaleaf’s reorganization of its Maryland assets allows the company to upgrade its production capacity in the state and extend its customer reach while continuing to offer the same best-in-class patient care and access to Curaleaf’s high-quality medical cannabis products, including Grassroots and Select, America’s #1 cannabis oil brand.
To see Curaleaf’s dispensary locations in Maryland, along with hours of operation and contact information, please visit https://curaleaf.com/locations#maryland.
