Curaleaf Holdings, Inc. closed the previously announced acquisition of the cultivation and processing assets of Acres Cannabis in Amargosa Valley, NV (“Acres Cultivation”). This includes 269,000 sq. ft. of operating cultivation facilities and 3,200 sq. ft. processing lab. The transaction was announced earlier on March 18, 2019.
With the closing of Acres Cultivation, Curaleaf significantly increases its cultivation and processing operations in Nevada, while maintaining the highest industry standard across all facilities. This marks an important step in the Company’s expansion west. Its expanded production capabilities will allow the Company to further supply the market with high quality, reliable products.
“The completion of the cultivation and processing component of the Acres transaction is further evidence of execution of our plan to expand our business through a combination of strategic M&A, disciplined operations and organic growth,” said CEO Joseph Lusardi. “We are grateful for the diligence and attention of the state regulators and for their thorough and thoughtful review.”
“Since announcing the transaction this March, we have seen the professionalism and extensive management expertise of the Curaleaf team and Acres could not be happier about the future for our dedicated staff. We selected the best partner in the industry,” said Acres CEO John Mueller.
Curaleaf acknowledges the work and cooperation of Nevada state and local regulators and policymakers to ensure a smooth process into closing. The Company continues to work with local officials to complete the acquisition of the Acres dispensary and processing facility in Las Vegas and its dispensary in Ely. The transfer of these assets to Curaleaf, which has been approved on the state level, is expected by the end of the year. Curaleaf is proud to work with regulators in Nevada and across the country to help build this emerging industry with proper oversight, compliance and regulation as it executes on its expansion strategy.