By Mike Sunnucks | Rose Law Group Reporter
Curaleaf Holdings is acquiring a Safford, Arizona cannabis dispensary for $13 million and plans to move that business to a new location in Scottsdale.
Massachusetts-based Curaleaf announced it is buying the Natural Remedy Patient Center LLC in Safford in a $13 million cash and stock deal.
The transaction is slated to close in January.
Curaleaf plans on moving the Safford retail dispensary to “a new, flagship 9,000 square foot dispensary located at 16277 N. Greenway Hayden Loop.”
In May, Curaleaf submitted plans with the City of Scottsdale in May to bring a dispensary to that location. The property is near Frank Lloyd Wright Boulevard and was formerly a First Fidelity Bank.
The Safford location will remain open until the new Scottsdale store opens, according to a release from Curaleaf.
After the deal closes, Curaleaf will have 118 marijuana dispensaries in the U.S.. Curaleaf is also acquiring Tryke Companies in a deal scheduled to close in the second half of 2022.
All told, Curaleaf’s Arizona footprint will increase to 12 dispensaries.
“Arizona remains an important expansion market for Curaleaf, and we are excited to add our tenth retail dispensary in the state. We are also looking forward to relocating this dispensary to our new, highly trafficked flagship location in Scottsdale next year. Overall, our acquisition of Natural Remedy aligns with our strategy to continue expanding our leading U.S. presence both organically and through M&A,” said Joseph Bayern, CEO of Curaleaf.
The Natural Remedy deal includes $12 million in cash and $1 million Curaleaf stock shares.
Arizona Corporation Commission filings list Chad Pipkin, Randall Pipkin and Thomas Ziemann as the corporate managers of Natural Remedy Patient Center LLC.