National company to acquire Arizona cannabis operator

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Posted at 9:23 AM, Jan 03, 2022
and last updated 2022-01-03 11:23:01-05

A Massachusetts company is increasing its retail footprint in the Grand Canyon State with the acquisition of Arizona-based Bloom Dispensaries.

Curaleaf Holdings Inc. announced that it entered into a definitive agreement to acquire Bloom for about $211 million in cash in a deal that is expected to close in January.

The acquisition gives Curaleaf a stronger presence in Arizona with four dispensaries in Phoenix, Tucson, Peoria and Sedona, as well as two cultivation and processing facilities in north Phoenix. The deal will bring Curaleaf’s dispensary count to 16 in Arizona and 128 nationwide.

"We are excited to announce the acquisition of Bloom, which shares Curaleaf's mission of delivering the highest-quality products and superior service to patients and customers while striving to make a positive impact in the communities we serve,” Curaleaf CEO Joseph Bayern said in a statement. “Bloom has built a strong and profitable business, and we believe the combination of our two companies will enhance our competitive position and ability to continue gaining share in the highly attractive Arizona market."

Read more of this story from the Business Journal.