Curaleaf Finalizes The Acquisition Of Los Sueños Farms, Largest Outdoor Grow in Colorado
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) has officially expanded its cultivation capacity by 66 acres. It earlier announced its intention to acquire Los Sueños Farms and has officially closed the process today. This has completed Curaleaf’s vertical expansion in the production of biomass in Colorado, the second-largest cannabis market in the U.S.
Curaleaf has a presence across the globe in terms of being a provider of high-quality cannabis products. The tag line is Cannabis With Confidence, something that the company has stood by since its inception.
The actions of the company prove its modesty. Curaleaf works with a mission to clarify all the doubts that surround the cannabis market and make the customers feel confident about using a cannabis-based product.
Curaleaf functions in the market of medical and adult use. It has a presence in 23 American states with 109 dispensaries, 22 cultivation sites, and 30 processing sites. All the operations are coordinated by its 50,000 team members. The company has also got its presence marked in the European market. Curaleaf has got a unique network of supply and distribution spread throughout the European market.
The announcement of closing the acquisition was done today by Curaleaf. It had expressed its intention to acquire Los Sueños Farms in recent months. It’s today that Curaleaf has completed the process of acquiring Los Sueños Farms.
This expands the cultivation capacity of Curaleaf by 66 acres in Colorado, a state that is known to be the second-largest cannabis market in the U.S. The acquisition has officially completed the vertical expansion of Curaleaf in biomass production.
Boris Jordan, the Executive Chairman of Curaleaf, expressed his excitement upon closing the acquisition process of Los Sueños. He said that he was extremely excited and that this would further strengthen the company’s market presence in Colorado.
The acquisition of Los Sueños is expected to allow Curaleaf to serve a cannabis market that is worth $2.2 billion in annual revenues. This is a new opportunity that the company is happy to grab with the acquisition.
Boris Jordan added that the company would leverage the high-quality and efficiency of Los Sueños, along with the cost-efficient supply of biomass.
Colorado is the second largest cannabis American market. The acquisition has given a huge push to Curaleaf. The terms of the acquisition have given the company access to land, equipment, and a huge number of licensed operating entities. The licensed operating entities include 1,800 plan indoor grow and 2 retail cannabis dispensary locations.
Select, the second brand under Curaleaf Holdings, has now gained more presence in the market of Colorado. Post the acquisition of Los Sueños, Select can now distribute in 2,000 locations across 18 states of the U.S.
Joseph Bayern, the Chief Executive Officer of Curaleaf, was as excited as Boris Jordan. He shared the level of excitement with him and said that the company planned to leverage the expertise of Los Sueños to optimize the outdoor scale technology.
The acquisition includes acquiring the pieces of equipment as well. This is believed to optimize the cultivation technologies of Curaleaf and accelerate its growth in the cannabis market.
The addition of 66 acres of Los Sueños Farm will provide additional cultivation capacity to the company.
The operations of Curaleaf are controlled centrally by the management. The acquisition lines up in the tune with its working structure. The vertical expansion of the company in biomass production will completely boost its growth in the cannabis market.
The founder of Los Sueños and an expert in the cannabis market, Bob DeGaBrielle has been retained to oversee the operations of the farm. He will also undertake the responsibility to supervise the wholesale and retail business of Curaleaf.