Curaleaf Holdings (TSE: CURA), a leading international supplier of consumer cannabis products, announced Thursday it has signed a deal to acquire Natural Remedy Patient Center, LLC, a dispensary in Safford, Arizona.
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Curaleaf Continues Arizona Expansion
The cash and stock transaction is valued at approximately $13 million. The transaction is expected to close in January 2022, subject to customary approvals and conditions.
Following the close of the company’s previously announced acquisition of Tryke Companies, which is expected in the second half of 2022, Curaleaf’s business footprint in Arizona will grow to 12 dispensaries.
Upon closing, this transaction will increase Curaleaf’s business footprint to 118 dispensaries across the United States.
CEO Commentary
Curaleaf CEO Joe Bayern said, “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.”
Wall Street’s Take
On December 7, MKM Partners analyst William Kirk kept a Buy rating on CURA and set a price target of C$20. This implies 81% upside potential.
The rest of the Street is bullish on CURA with a Strong Buy analyst consensus rating, based on nine Buys and one Hold. The average Curaleaf Holdings price target of C$23.89 implies 108.6% upside potential to current levels.
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