The Cannabist Company today announced an agreement to sell its cannabis operations in Virginia to Curaleaf for $110 million.
The assets consist primarily of five active retail locations, one additional retail location in development, and approximately 82,000 square feet of cultivation and production capacity in the Richmond region.
All the assets belong to Green Leaf Medical, a subsidiary of Cannabist.
Curaleaf already has a broad U.S. footprint, with operations in several states encompassing 157 retail locations nationwide. The Cannabist deal would give it entrance into a new market.
Curaleaf said the transaction is subject to a 15 business day go-shop period. In the event a competing bid for the Virginia assets is accepted during the go-shop period or if Cannabist fails to receive noteholder consent for the transaction, Curaleaf is entitled to receive a $3.3 million break-up fee and all associated expenses up to $350,000.
