Curaleaf is expanding its recently acquired Select brand into four new state markets between now and August, the company announced on Monday. The expansion includes Maine, Massachusetts, Ohio, and Florida and, once complete, Select will be available in 13 states.
Curaleaf announced the acquisition plan of Select parent Cura Partners Inc. in May 2019 for nearly $1 billion in stock. However, by February 2020, the deal was finalized for less than $400 million after cannabis industry stocks experienced sharp declines and led to lower overall company valuations in the space. In 2018, Cura recorded $118 million in sales and was Oregon’s largest cannabusiness.
Joe Bayern, president of Curaleaf, said the brand has since “performed tremendously well” in its current markets.
Select Elite and Select Nano Gummies will launch in Curaleaf’s home state of Massachusetts on July 3 along with company-branded Nano Gummies which will be exclusive to the firm’s dispensaries. In late-July, the company’s Select Elite oil cartridges and Nano Gummies will be available in Maine medical dispensaries. Nano Gummies are also expected to be available to Florida and Ohio medical cannabis patients by mid-August.
Currently, Select products are available in Oregon, California, Nevada, Arizona, Colorado, Michigan, Maryland, Oklahoma, and Connecticut.
Curaleaf is also in the works of closing their deal to acquire Grassroots. Once complete the deal is expected to expand Curaleaf’s presence from 18 states to 23, with over 135 dispensary licenses, 88 operational dispensary locations, more than 30 processing facilities, and 22 cultivation sites with 1.6 million square feet of cultivation capacity.
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