Last updated on November 4th, 2019
Wakefield, Massachusetts-based Curaleaf Holdings Inc. has closed the acquisition of the cultivation and processing assets of Acres Cannabis in Amargosa Valley, Nevada, known as Acres Cultivation. This includes 269,000 s.f. of operating cultivation facilities and a 3,200-s.f. processing lab.
With the closing of Acres Cultivation, Curaleaf significantly increases its cultivation and processing operations in Nevada, marking a step in the company’s expansion west.
“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 Curaleaf 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. The company is working with regulators in Nevada and across the country to help build the industry with proper oversight, compliance and regulation as it executes its expansion strategy.
