Curaleaf to acquire Deseret Wellness for $20M

Curaleaf Holdings announced that it has entered into a definitive agreement to acquire Deseret Wellness, the largest cannabis retail operator in Utah, in a cash and stock transaction valued at approximately $20M. The Transaction is expected to close imminently, subject to customary closing conditions. The proposed Transaction with Deseret includes three retail dispensaries located in the cities of Park City, Provo and Payson, with a combined annualized revenue run rate of $14M. Deseret immediately strengthens Curaleaf’s retail footprint in Utah, providing the state’s medical patients with a wide variety of quality products including cannabis flower, vape cartridges, edibles, and concentrates. Following the close of Deseret, Curaleaf’s retail footprint will increase to four dispensaries in Utah and 150 nationwide.