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Curaleaf Continues To Expand, Brands Dispensary Locations in Connecticut

October 13, 2020 10:52 am
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Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLFconfirmed Tuesday the branding of its recently acquired Arrow Alternative Care and GR Companies Inc. dispensary locations in Connecticut.

The Wakefield, Massachusetts-based cannabis company, which has been operating in Nutmeg State for over six years, closed the purchase of three Arrow Alternative Care dispensaries in Hartford, Milford, and Stamford back in April.

The acquisition of GR Companies Inc., which did business as Grassroots, was finalized in July. The purchase included the Grassroots Herbology dispensary located in Groton.

The stores' offerings would include flower, extracted oil and edible products.

"Building on our market leading position in Connecticut, we're pleased to bring the Curaleaf branding to all four of our local medical cannabis dispensaries in the state," Curaleaf CEO Joseph Lusardi.

"The rebranding of these locations directly aligns with our strategy of building strong, national brands," he added.

The company's footprint in Connecticut also includes a Simsbury-based cultivation facility, spanning 60,000 square feet.

Currently, Curaleaf operates 93 dispensaries, 22 cultivation sites, and more than 30 processing sites, across 23 states, making it one of the largest multistate cannabis operators in the U.S.

Per MJBizDaily, Curaleaf's success comes at a time when other multistate operators have "retrenched and refocused operations, in part to conserve cash after investors grew hesitant to wager on cannabis and capital became tight."

Curaleaf also has the benefit of being backed by Executive Chair Boris Jordan and Russian billionaire Andrei Blokh — its two largest stockholders. 

"Curaleaf has been able to raise large amounts of capital to fuel expansion and acquisitions," the report continued.

Last month, the company expanded its presence in Florida and Nevada by opening Curaleaf Brandon and Curaleaf Ely.

It also recently partnered with Belushi's Farm to launch a vape pen and introducing Select Elite cartridges to Ohio customers.

Last December, it secured $275 million in financing — a rare event considering traditional banks typically steer clear of cannabis-related debt due to regulatory concerns (h/t Bloomberg News).

Anthony Noto contributed to this report.

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