Enter Curaleaf Holdings, Inc., a leading vertically integrated cannabis operator focused on growing and expanding to offer customers in the U.S., the world’s largest cannabis market, access to the widest selection of products across the medical and adult-use markets. To meet this demand, they had to set their sights equally as high.
Curaleaf’s Canadian IPO put the company’s value at $4 billion. It was a defining moment for the company and the cannabis industry. And Curaleaf already had their sights set on two strategic acquisitions to solidify their position as a major player in the industry. These were big, groundbreaking deals, valued at $365 million and $830 million, respectively.
Enter Loeb & Loeb.
In no time, we amassed a cross-disciplinary team of lawyers that offered Curaleaf the integrated, streamlined service platform needed to navigate the rapidly evolving cannabis landscape and help Curaleaf structure, negotiate and close these deals. That’s exactly what we did.
The first step? Helping Curaleaf in the acquisition of the state-regulated cannabis business of Cura Partners, Inc., owners of the Select brand. The transaction combined Curaleaf’s retail locations, vertical integration, wellness brand and strong East Coast market presence with Select’s wholesale model, lifestyle brand and leading West Coast market presence.
Curaleaf didn’t stop there. Shortly after announcing the Cura Partners transaction, the company turned to Loeb & Loeb for help in the acquisition of GR Companies, Inc., or Grassroots, the largest private vertically integrated multistate operator. With the acquisition of Grassroots, Curaleaf became the world’s largest cannabis company by revenue and the most diversified, vertically integrated cannabis company in the U.S. The transaction expanded Curaleaf’s presence from 18 to 23 states, with the combined company having affiliated operations spanning more than 135 dispensary licenses, 88 operational dispensary locations, more than 30 processing facilities and 22 cultivation sites.
They’re not done yet. And neither are we. We continue to represent Curaleaf in several corporate, financing and capital markets transactions, including a $300 million secured term loan to facilitate Curaleaf’s continued growth, bringing together a multidisciplinary team of lawyers to guide the client as it takes advantage of this booming market.
The cannabis industry is evolving. And we are thrilled to be a part of it.