The cannabis MSO continues to expand its reach, as well as its product lines
Two major announcements made headlines yesterday regarding Curaleaf. The Florida-based company, with operations in 23 states and the European market, filed the necessary paperwork to acquire Bloom Dispensaries for $211 million. Having successfully completed the transaction, Curaleaf will now also purchase Bloom’s four dispensaries in Tucson, Phoenix, Seodan, and Peoria. As if that wasn’t enough, Curaleaf has also decided to open new dispensary doors in the Sunshine State, a land where the marijuana market continues to grow steadily.
Bloom’s cultivation and processing facilities outside of Phoenix are now also part of the multi-state marijuana company’s (MSO) acquisition portfolio. Revenue reports reported for 2021 indicate that Bloom was able to earn about $66 million, with EBITDA margins in excess of 40%.
Curaleaf CEO Boris Jordan said this move is a huge step for Curaleaf’s presence in The Grand Canyon State, a state whose market is currently valued in the billions of dollars. “Bloom is an excellent strategic fit for Curaleaf as it further expands our capacity and retail footprint in Arizona with an attractive set of assets, enabling us to better serve the state’s US$1.4 billion-plus annual market opportunity,” says Jordan. “Adding to these benefits, Bloom will be immediately accretive to our adjusted EBITDA margins.”
Now that Curaleaf has 121 retail stores in 23 states and more than 5,000 employees under its umbrella, it is well on its way to becoming one of the most relevant cannabis companies in the world. When it comes to its home state of Florida, Curaleaf also announced the launch of two new dispensaries in Tampa Bay and Largo. It now has 44 retail stores in Florida.
“Throughout this year, our patients can expect to see Curaleaf continue to lead the Florida market with new innovative products and convenient new locations,” said Matt Darin, president of Curaleaf.