Completes Acquisition of New, Larger Cultivation Site in Taneytown
Updates Further Strengthen Curaleaf’s Position as a Leading Cannabis Operator in the State
WAKEFIELD, Mass., May 4, 2021 /CNW/ — 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