In Deal Worth $1 Billion, Curaleaf Expands To West Coast With Acquisition Of Cura PartnersMay 7, 2019
Wakefield, Massachusetts-based Curaleaf Holdings is set to expand to the West Coast with a recently announced agreement to acquire Portland, Oregon-based Cura Partners, primarily known for its brand Select, in an all-stock transaction valued at $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. Select specializes in making high potency THC and CBD oil, which it uses in a variety of products including gummy candies, vaporizer pods, and vials of dabbing liquid. Their products retail in more than 900 dispensaries in western states, including California, Arizona, Oregon, and Nevada.
The merger will combine Curaleaf’s retail footprint, vertical integration, wellness brand, and East Coast footprint with Select’s wholesale model, brand, and West Coast presence. Select founder and Cura Holdings CEO Cameron Forni will join Curaleaf as president of Select and will sit on the board of directors. Additionally, Select’s CMO Jason White will take on chief marketing duties for all of Curaleaf.
Curaleaf has 44 dispensaries in 12 states, but they have been confined to the East Coast, missing out on states like California, the most valuable recreational market in the world. Conversely, Select has proven itself a brand winner in a competitive market and now will have exposure in a much wider swath of the country. The transaction is expected to close by the end of the year.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.