Curaleaf Completes Acquisition of Assets of Curaleaf NJ, Inc.
Curaleaf now owns 100% of the vertically integrated operations and licenses of Curaleaf NJ
Integration supports Curaleaf’s premier medical cannabis presence in New Jersey
WAKEFIELD, Mass., July 6, 2020 / PRNewswire / – Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading vertically integrated cannabis operator in United States, today announced the completion of the planned acquisition of the assets of Curaleaf NJ, Inc. (“Curaleaf NJ”), a vertically integrated not-for-profit medical cannabis company that holds one of six licenses medical origin in New Jersey. Curaleaf Holdings, Inc. now owns 100% of the business, assets and licenses of Curaleaf NJ, Inc.’s Alternative Processing Center (ATC) in New Jersey, for which it previously provided management services. Following the acquisition, Curaleaf will integrate the financial results of the New Jersey medical cannabis business activities in its consolidated financial statements, which were previously presented as managed revenues.
Joseph Lusardi, CEO of Curaleaf, said: “Curaleaf is one of the from New Jersey the oldest and largest suppliers of cannabis. The asset acquisition we announced today completes our vertical integration and conversion to a for-profit in-state entity, marking an important milestone for our New Jersey presence. With our strong growth and a ballot approval for adult cannabis on the horizon, we are actively investing in expanding our market leadership position to better serve Garden State’s over 9 million residents with the quality cannabis products they rely on. “
The Curaleaf NJ license and other assets were acquired in exchange for the cancellation of loans from Curaleaf which were used to finance the construction of the previously managed non-profit entity.
Curaleaf’s activity at New Jersey operates the state’s largest medical cannabis dispensary as well as more than 51,000 square feet of grow and process space in Bellmawr, New Jersey, via its integrated license. In accordance with recently adopted national regulations, Curaleaf plans to open two New Jersey dispensaries, as well as another cultivation and processing operation, for which the Company has obtained an installation in the canton of Winslow, New Jersey, creating hundreds of jobs for the state.
Initially, New Jersey Medical cannabis ATCs were to be operated as not-for-profit entities. Today’s announcement follows changes to the regulatory structure of the New Jersey Department of Health (“NJDOH”) that allowed ATCs to sell or transfer their license to a for-profit entity, with NJDOH approval.
In March 2018, under the leadership of Governor Murphy, who campaigned on a platform that included the legalization of cannabis, the NJDOH released Executive Order 6 report, which immediately expanded the medical cannabis program in several ways, including adding chronic pain and anxiety as qualifying conditions, doubling the monthly product limit, and allowing current licensees to open satellite dispensaries. In December 2019, the New Jersey the state legislature has passed a bill to add an initiative to the november 2020 poll that will allow voters to decide whether to legalize the sale of cannabis for adult use in the state, providing a potential avenue for further access to consumers in the state.
About Curaleaf Holdings, Inc.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator with a mission to improve lives by providing clarity on cannabis and trust around consumption. As a high-growth cannabis company known for its quality, expertise and reliability, the company and its brands, Curaleaf and Select, provide cutting-edge service, product selection and accessibility in the markets of the world. ‘medical and adult use. The company currently operates in 18 states with 57 dispensaries, 15 cultivation sites and 24 processing sites. Curaleaf employs over 2,200 people across United States. For more information, please visit www.curaleaf.com.
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In general, forward-looking statements and information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “believes”, or variations of such words and phrases, or by the use of words or phrases which indicate that certain actions, events or results may, could, would occur or could occur or be achieved. More particularly and without limitation, this press release contains forward-looking statements and information regarding the closing and the potential benefits for the Company of the transaction referenced in this document. These forward-looking statements and information reflect the current beliefs of management and are based on assumptions s made by and on the information currently available to the company with regard to the matter described in this new press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown factors. risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information on these assumptions and these risks and uncertainties is contained in the “Risk Factors and Uncertainties” section of the Company’s latest annual information form filed on September 23, 2019, which is available under the Company’s SEDAR profile at the address www.sedar.com, and in other documents that the Company has filed and may file with the relevant securities authorities in the future. The forward-looking statements contained herein are made only as of the date of this press release and we assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place significant reliance on any forward-looking statements contained in this press release. The Canadian Securities Exchange has not reviewed, approved or disapproved of the contents of this press release.
Curaleaf Holdings, Inc.
Daniel foley, Vice-President, Corporate Finance and Investor Relations
Curaleaf Holdings, Inc.
Tracy brady, Vice-President, Corporate Communications
SOURCE Curaleaf Holdings, Inc.