Grassroots Cannabis, the company behind the Herbology brand that operates the recently-opened medical marijuana dispensary on Cumberland Street, is set to be acquired by Curaleaf Holdings for $875 million.
Curaleaf Holdings will make the acquisition of the Chicago-based company through a combination of cash and stock. It’s expected that this deal will close in 2020, pending approval from shareholders and regulators.
Founded in 2010, Curaleaf went public with an IPO in 2018. This acquisition would combine the largest public and private multi-state cannabis companies in the United States.
Grassroots Cannabis has facilities in Illinois, Pennsylvania, Maryland, Michigan, Nevada, Ohio, Oklahoma, Vermont, North Dakota, Arkansas and Connecticut.
“With the acquisition of Grassroots and the pending acquisition of Select, Curaleaf is the world’s largest cannabis company by both revenue and operating presence,” said Joseph Lusardi, CEO of Curaleaf, in a press release.
“With a combined 68 open dispensaries, this transaction significantly accelerates our expansion strategy and strengthens our reach across the medical and adult-use markets. In addition, it enhances the depth of our retail and wholesale platform across the country. By leveraging our scale, as well as our market leading capabilities and expertise, we will continue to deliver value for our shareholders.”
LebTown reached out to Grassroots’ PR firm for comment and they confirmed that the merger, if approved, would not affect ownership or management of Herbology, which will remain the same.
Herbology opened in Lebanon on July 1, becoming the first medical marijuana dispensary in the county. Grassroots Cannabis operates the dispensary under its Herbology brand through a management agreement with Lebanon Wellness Center, LLC.
You can learn more about Herbology by visiting their website.
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