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Curaleaf’s Deal For Grassroots Creates Formidable U.S. Player

July 23, 2019

Already among the top U.S.-based cannabis companies, Wakefield, Massachusetts-based Curaleaf is set to expand even further with a deal to acquire GR Companies for $875 million. Curaleaf is already among the most valuable U.S. cannabis firms, with a presence in 12 states and a market cap of $3.56 billion.

GR Companies, better known as Grassroots, is a large vertically integrated operator based in Chicago that holds 61 cannabis retail licenses and 17 licenses for cultivation and processing. Its presence in states like Illinois and Pennsylvania, among others, will place the combined company in 19 states with a total of 131 dispensary licenses, 68 operational stores, 20 cultivation sites, and 26 processing facilities, pending Curaleaf’s previously announced acquisition of Cura Partners.

Under the deal, which is expected to close early next year, Curaleaf will pay $75 million in cash and the rest in shares to acquire GR. Mitch Kahn, co-founder and CEO of Grassroots, will join Curaleaf’s board as part of the agreement.—Danny Sullivan

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