One of the largest marijuana companies in the country has officially purchased one of the largest outdoor marijuana growing operations in the country.
Curaleaf, a publicly shared marijuana corporation with commercial interests throughout the United States and Europe, has just announced that it has finalized the acquisition of Los Sueños Farms, Colorado’s largest outdoor marijuana growing operation. The purchase, worth $ 67 million reported in cash, stocks and assumed debt, was first announced in May but didn’t close until this month, according to Curaleaf. Included in the deal were two Pueblo dispensary licenses previously held by Los Sueños.
Under the agreement, 61 percent of the sale price will be paid in Curaleaf shares, 29 percent in cash and 10 percent in acquired debt. According to Curaleaf, Los Sueños founder Bob DeGabrielle will continue to oversee the farm and “take responsibility” for the company’s wholesale and retail operations.
Located in Pueblo County, Los Sueños’ outdoor marijuana grow encompasses 66 acres of land with 1,800 additional plants grown in an on-site greenhouse. Los Sueños originally accepted a takeover offer from Shwazze, later called Medicine Man Technologies, in 2019. However, Schwazze terminated the deal in 2020 for undisclosed reasons.
Los Sueõs joins more than 130 dispensaries and growing operations in 23 states currently owned by Curaleafas well as a handful of infused product brands, including Blue Kuddu, a Colorado grocery maker bought in 2020 for an undisclosed amount. Curaleaf also launched Select Cannabis, a line of vaporizers and edibles, in Colorado earlier this year, after acquire the original Select brand in Oregon.
Curaleaf takes over during a busy time for outdoor marijuana crops. Labelled Croptober According to the marijuana industry, the fall harvest – a major factor in retail marijuana supply, wholesale prices, and infused product materials – is right around the corner, but the Massachusetts-based company made this move with eyes beyond 2021.
According to CEO Boris Jordan, Curaleaf bought Los Sueños to further position itself as a national marijuana supplier should the United States allow interstate commerce, an issue Congress continues to address.
“We are very excited about the closing of the Los Sueños acquisition. The vertical integration of our business in Colorado significantly strengthens Curaleaf’s market presence in the second largest state cannabis market in the United States,” it says in a statement. “This agreement provides Curaleaf with a high-quality, efficient, and low-cost supply of biomass to support our wholesale and retail customers in Colorado and, once interstate commerce is allowed, on a regional scale.”