Curaleaf buying Bloom, 4 Arizona dispensaries, cultivation centers

(Photo via Curaleaf Facebook)

By Mike Sunnucks | Rose Law Group Reporter

Curaleaf Holdings Inc. is buying Bloom Dispensaries  and its four Arizona marijuana dispensaries for $211 million.

Bloom has cannabis dispensaries in Phoenix, Tucson, Sedona and Peoria.

It also has two cultivation facilities in Phoenix totaling 63,500 square feet.

Bloom is expected to generate $66 million in revenue in 2021, according to the Curaleaf release on the deal.

The deal comes after Curaleaf announced it was buying Natural Remedy Patients Center in Safford for $14 million and would move that dispensary operation to Scottsdale.

Curaleaf is also buying Tryke Companies.

The deals will increase Curaleaf’s footprint to 16 dispensaries in Arizona and 128 nationwide.

“We are pleased to continue Curaleaf’s expansion in the state of Arizona with the acquisition of Bloom. In addition to bolstering our strong position in this key growth market with an attractive portfolio of retail and cultivation assets,  Bloom will be immediately accretive to our adjusted EBITDA margins upon close,” said Curaleaf Chairman Boris Johnson in a statement.

Joseph Bayern, CEO of Curaleaf, stated, “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. 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.”

Under the terms of the deal, Curaleaf will pay $51 million in cash at closing, with the remaining  $160 million paid in three promissory notes of $50 million, $50 million, and $60 million due, respectively, on the first, second and third anniversaries of the closing of the transaction.

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December 2021