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Massachusetts Cannabis Control Commission Grants Approval To Curaleaf Holdings Inc (OTCMKTS:CURLF) To Launch Adult-use Retail Dispensary
Massachusetts Cannabis Control Commission (MCCC) has approved Curaleaf Holdings Inc (OTCMKTS:CURLF) to inaugurate adult-use retail dispensary in early 2020 on Cape Cod. It will establish the retail store in the heart of Province town at 170 Commercial Street. The company will schedule the final inspections in close coordination with MCCC.
Joseph Lusardi, Chief Executive Officer of Curaleaf, said the company is pleased to establish its presence in Massachusetts. It will also expand its footprint across the Commonwealth. The company gives importance to providing reliable and high-quality products to its customers and patients alike across the nation and in Massachusetts. Curaleaf has inaugurated 28th dispensary in Florida in Sarasota. It operates 51 dispensaries in the US.
Will establish an adult-use location in MA
Curaleaf plans to inaugurate another adult-use retail dispensary in Ware, MA, next year. The company currently employs 145 in Massachusetts and another 65 at its Wakefield, MA-based headquarters.
Receives regulatory nod for Acres deal
Curaleaf has received the regulatory nod to complete the takeover of Acres Cannabis retail assets that comprise dispensary locations in Ely, Nevada, and in Las Vegas. The company will close the deal on January 1, 2020. Lusardi said the company achieves another milestone by completing the acquisition of Acres Cannabis and enhancing its footprint in the US.
Appoints Trace Body as Vice President
Curaleaf has appointed Tracy Body as VP (Corporate Communications). Tracy has expertise in corporate communications strategies for companies, consumer brands, and executives. He also brings experience in the execution of public relations. Tracy will coordinate with the marketing team to manage internal and external communications and media relations.
Curaleaf has appointed Joe Bayern as a president; he would report to Lusardi and brings over 20 years of experience in consumer packaged goods. Joe would play a vital role in improving operations.
Secures financing of $275 million
Curaleaf has announced securing a loan of $275 million. The senior secured term loan has a maturity of four years and comes at 13%. Curaleaf will use the proceeds to pay the transaction fees and refinance the existing debt. The market value of Curaleaf is $2.7 billion.
