Forward of a possible November 2026 launch of adult-use hashish gross sales, marijuana multistate operator Curaleaf Holdings will enter the Virginia market with a purchase order of competitor The Cannabist Firm Holdings’ belongings within the state, the businesses introduced Tuesday.
For $110 million, Curaleaf will purchase a vertically built-in medical marijuana license, which incorporates 5 retail dispensaries and the proper to open a sixth in addition to 82,000 sq. ft of cultivation cover positioned close to Richmond.
The sale announcement is the newest transfer made by The Cannabist Co., previously often known as Columbia Care, after firm management shaped a “particular committee” to discover mergers or different main strikes.
Curaleaf to enter Virginia marijuana market forward of adult-use gross sales
In keeping with an organization press launch, the acquisition value consists of $80 million in money up entrance, $20 million to be paid inside 30 days, and a $10 million promissory be aware at 6% curiosity.
If the transaction closes within the first quarter of 2026 as anticipated, Curaleaf will purchase Inexperienced Leaf Medical of Virginia, the authorized entity that holds Cannabist’s regional license within the state.
Virginia regulation limits medical marijuana to not more than 5 vertically built-in licenses, every assigned to a geographic area.
The Cannabist Co. plans to make use of the proceeds from the acquisition to pay down debt, the corporate stated in a press launch.
Final yr, the corporate introduced a debt restructuring deal that may see some loans scheduled to come back due in 2026 and 2027 mature on the finish of 2028 as a substitute.
In August, Cannabist offered off its three medical hashish dispensaries in Pennsylvania to focus as a substitute on wholesaling, in accordance with a launch.
Virginia adult-use hashish market poised for progress
Virginia hashish regulators reported practically $30 million in gross sales in July and August, the primary two months of state-mandated track-and-trace monitoring.
Additionally doubtlessly on the public sale block is the Virginia MMJ license held by Ayr Wellness, which by no means opened its dispensary, in accordance with the Virginia Hashish Management Authority.
