Curaleaf to Purchase Chicago-Based Grassroots Cannabis

Curaleaf, a leading cannabis operator based in Wakefield, Massachusetts, announced today it has signed a definitive agreement to acquire Chicago-based Grassroots Cannabis. The deal is valued at approximately $875 million and solidifies Curaleaf’s position as the world’s largest cannabis company by revenue and the largest in the U.S. across key operating metrics.

The acquisition brings together the largest public and largest private multi-state operators in the U.S. to offer a full range of products to consumers in states across the country. As a market leader throughout the Midwest, Grassroots Cannabis has a portfolio of 61 dispensary licenses, with 20 operating today, and 17 cultivation and processing licenses that will substantially accelerate Curaleaf’s continued expansion across the country.

The proposed transaction will expand Curaleaf’s presence from 12 to 19 states, and the combined company will have 131 dispensary licenses, 68 operational licenses, 20 cultivation sites and 26 processing facilities.

Mitch Kahn, co-founder and CEO of Grassroots, said, “Today’s announcement is a testament of the hard work of the many employees that helped make Grassroots the leading cannabis company in the Midwest. This acquisition will enable us to give our patients and retail partners greater access to products that adhere to the highest standards of quality and reliability, and our employees the opportunity to be part of a best-in-class operator.”

The deal is expected to close in early 2020, subject to customary closing conditions.