Massachusetts multi-state cannabis operator Curaleaf Holdings Inc. completed the planned acquisition of the assets of Curaleaf NJ Inc., a vertically integrated alternative treatment center that holds one of New Jersey’s six original medical cannabis licenses.
Curaleaf Holdings Inc. now wholly owns Curaleaf NJ’s operations, assets and licenses in New Jersey, for which it previously provided management services.
Following the acquisition, Curaleaf will integrate the financial results of the New Jersey medical cannabis business operations into its consolidated financial statements, which were previously reported as managed revenues, an announcement said.
“Curaleaf is one of New Jersey’s oldest and largest providers of cannabis. The asset acquisition we announced today completes our vertical integration and conversion to a for-profit entity in the state, marking a major milestone for our New Jersey presence,” said Curaleaf Chief Executive Officer Joseph Lusardi in a prepared statement. “With our strong growth and a cannabis adult-use ballot approval on the horizon, we are actively investing in the expansion of our market-leading position to better serve the more than nine million residents of the Garden State with the quality cannabis products they rely on.”
Curaleaf NJ’s license and assets were acquired in exchange for Curaleaf cancelling the loans used to fund the build out of Curaleaf NJ when it built it out.
Curaleaf’s New Jersey business operates the state’s largest medical cannabis dispensary along with more than 51,000 square feet of cultivation and processing space in Bellmawr.
Curaleaf will open two additional New Jersey dispensary locations, as well as an additional cultivation and processing operation in Winslow, which according to the company will create hundreds of jobs.
ATCs in New Jersey were originally required to operate as nonprofit entities, but the New Jersey Department of Health changed its regulatory structure to allow the entities to sell or transfer their license to a for-profit entity, with NJDOH approval.