+ 1.96
+ 0.67%
+ 0.73
+ 0.2%

Curaleaf Finalizes Grassroots Deal, Appoints Mitchell Kahn To Board

July 23, 2020 12:14 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Curaleaf Holdings Inc. (CSE:CURA) (OTCQX: CURLF) confirmed the acquisition of GR Companies Inc., which is doing business as Grassroots.

Earlier this month, the Wakefield, Massachusetts-based company received Grassroots' All Rebels Rockers Inc. marijuana license in Arizona, that way wrapping up the months-long process of acquisition.

The transaction boosted Curaleaf's operational, processing and cultivation capacities and coverage to five additional states, according to the company's Thursday update.

Now that acquisition of Grassroots is finalized, CuraLeaf will operate 30 processing and 22 cultivation facilities as well as 89 dispensaries,

In addition, it will hold more than 135 dispensary licenses.

On Tuesday, Curaleaf closed its private placement offering of more than CA$34 million by securing an additional CA$6.8 million in financing through its second tranche.  

Moreover, the company said it intends to use the offering's net proceeds to fund the Grassroots' expansion projects.

Joseph Lusardi, Curaleaf's CEO, welcomed the Grassroots' team, patients, and customers to the "Curaleaf family."

"The successful acquisition of Grassroots marks Curaleaf's expansion into new vertically integrated markets in the Midwest, firmly establishing our U.S. market leadership position," continued Lusardi.

Grassroots co-founder and CEO Mitchell Kahn said they are looking forward to integrating their talent and resources "to build a great consumer product company."

Curaleaf Taps Mitchell Kahn To Board

Curaleaf also appointed Grassroots founder and CEO Mitchell Kahn to its board of directors, effective immediately upon closing of the acquisition.

Kahn, who has sharpened his executive skills for over 20 years, co-founded Grassroots in 2014.

Currently, he serves as Frontline Real Estate Partners' Principal and CEO.

Prior to this, Kahn served as President and CEO of Hilco Real Estate.

Courtesy photo


Cannabis M&A News

Related Articles

Jushi To Expand Scranton Facility To Create Some 100 New Jobs

Jushi Holdings Inc. read more

Mexico's Cannabis Legalization Bill Will Boost Business, But There Are Concerns

Mexican Senators approved a historic adult use cannabis legalization bill on Nov. 19, with an 82 to 18 vote. read more

Panaxia And Neuraxpharm Advance Partnership To Bring Medical Cannabis To France

Israel medical cannabis producer Panaxia Labs Israel (TASE: PNAX) and European pharmaceutical company Neuraxpharm are planning to reach the French market. read more

Viola Flowers Reach MedMen's Shelves In California

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) is teaming up with Al Harrington’s Viola. read more

New Cannabis Products: Live Resin Edibles, Infused Olive Oil, High Dose CBD Beverages

As the cannabis market expands, it's difficult to keep track of the many products that launch every week. Benzinga put together a short list of some of the most interesting new cannabis products. read more