The cannabis MSO is now the owner of the largest retail operation in Utah
Acquisitions in the cannabis industry remain part of 2023. Curaleaf, a leading international provider of consumer cannabis products, set its sights on Utah, recently announcing the closing of a definitive agreement to acquire Deseret Wellness. This company is known to be the largest cannabis retail operator in Utah, which gives Curaleaf great exposure in The Beehive State.
The cash and stock transaction has been valued at about $20 million. Provided they adhere to customary closing conditions, the transaction is expected to close immediately. Through this purchase, Curaleaf has expanded its footprint with three retail dispensaries located in the cities of Park City, Provo and Payson. These three locations have achieved annual revenues of nearly $15 million.
Curaleaf, through this transaction with Deseret, has been able to immediately strengthen its retail presence in the state, providing the state’s medical patients with a wide variety of quality products, including vape cartridges, marijuana flower, edibles and concentrates. Following the closure of Deseret, Curaleaf’s retail presence will increase to four dispensaries in Utah, bringing its total to 150 across the US.
“We are pleased to continue Curaleaf’s expansion in Utah with the acquisition of Deseret Wellness. This deal represents the largest cannabis retail change of ownership in the state’s history and bolsters our strong position in the market with an attractive portfolio of retail assets,” said Boris Jordan, CEO of Curaleaf. “On behalf of the Board of Directors and management team, I look forward to welcoming Deseret to the Curaleaf family.”