According to a Business Journal report, a national company is set to acquire an Arizona cannabis operator.
Massachusetts-based Curaleaf Holdings Inc. has announced that it has entered into a definitive agreement to acquire Arizona’s Bloom Dispensaries for about $211 million in cash in a deal that is expected to close in January.
With this move, the company is boosting its retail footprint in the Grand Canyon State.
The acquisition gives Curaleaf a stronger presence in Arizona with four dispensaries in Phoenix, Tucson, Peoria and Sedona, as well as two cultivation and processing facilities in north Phoenix.
The deal will now bring Curaleaf’s dispensary count to 16 in Arizona and 128 nationwide.
“We are excited to announce the acquisition of Bloom, which shares Curaleaf’s mission of delivering the highest-quality products and superior service to patients and customers while striving to make a positive impact in the communities we serve,” Curaleaf CEO Joseph Bayern said in a statement.
“Bloom has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position and ability to continue gaining share in the highly attractive Arizona market,” he added.