What occurred

Curaleaf Holdings (OTC: CURLF) shares rose greater than 11% on Monday on information of a recent acquisition.

The firm introduced that it’s now the holder of the unique rights for the All Rebels Rockers dispensary license in Arizona, which it acquired from a Chicago-based hashish purveyor, privately held Grassroots. Curaleaf didn’t specify what it paid, nor element any of the deal’s phrases.

So what

Curaleaf considers this a harbinger for its outright acquisition of Grassroots, one of many longer-gestating offers within the hashish trade for the time being.

The two firms first introduced their plan for a tie-up almost a 12 months in the past. At the time, the Grassroots deal was valued at $875 million. In gentle of the elevated struggles of marijuana firms recently, nevertheless, the worth tag on the association was downsized last month to approximately $700 million.

Curaleaf sounded a observe of confidence in its announcement of the Arizona license acquisition. The purchase “strengthens our presence in the state, which continues to be one of the largest medical cannabis markets in the country,”  stated CEO Joseph Lusardi in a press launch. “It also marks one of the final milestones before we formally close our acquisition of Grassroots.” [Read more at Nasdaq]

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