Curaleaf to Acquire Select, the Leading Cannabis Wholesale Brand in the U.S.
- Brings together two of the most well-known, fastest growing cannabis brands on the East Coast and West Coast
- Combines the largest retail operator and the highest revenue generating wholesaler in the U.S., achieving significant operational synergies
- Accelerates growth, diversifies product range and expands customer reach and accessibility
WAKEFIELD, Mass., May 1, 2019 /PRNewswire/ — Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”), a leading vertically integrated cannabis operator in the United States, today announced it has signed a definitive agreement to acquire the state-regulated cannabis business of Cura Partners, Inc. (“Cura”), owners of the Select brand, in an all-stock transaction valued at C$1.27 billion or US$948.8 million. The acquisition includes Select’s manufacturing, processing, distribution, marketing and retailing operations and all adult-use cannabis products marketed under the Select brand name, including all intellectual property. Based in Portland, Oregon, Select is the most well-known cannabis wholesale brand in the country. With its THC products sold in more than 900 retailers, it is the leading cannabis brand in key Western states, including California, Arizona, Oregon and Nevada.
The highly complementary acquisition brings together two of the strongest cannabis brands, Curaleaf and Select, to offer a full-range of products across the U.S. The combination will provide immediate geographic diversification with Curaleaf’s footprint on the East Coast and Select’s brand strength on the West Coast.
The proposed transaction combines Curaleaf’s retail locations, vertical integration, wellness brand and strong East Coast market presence with Select’s wholesale model, lifestyle brand and leading West Coast market presence. Significant cost synergies are expected to be realized through operational efficiencies, greater economies of scale, supply chain efficiencies and increased vertical integration.
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