Curaleaf Holdings Inc. CURA CURLF confirmed the acquisition of GR Companies Inc., which is doing business as Grassroots.
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.
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