Ayr Wellness Acquires Herbal Remedies Dispensaries, LLC

Ayr Wellness Acquires Dispensary 33 in Chicago

November 22, 2021

Retail

Ayr Wellness Inc. has entered into an agreement to acquire Gentle Ventures, LLC (d/b/a Dispensary 33), which operates two licensed retail cannabis dispensaries in Chicago’s Andersonville and West Loop neighborhoods. Consideration is expected to total $55 million upfront (including $12 million cash, $3 million seller notes and $40 million stock) with an earn-out tied to Adjusted EBITDA; the transaction is subject to customary closing conditions and regulatory approvals.

Item 9 Labs Corp. Acquires The Herbal Cure (Denver)

March 17, 2022

Retail

Item 9 Labs Corp. (OTCQX: INLB) signed an Asset Purchase Agreement to acquire The Herbal Cure, a Denver-based medicinal and recreational cannabis dispensary and cultivator. The acquisition — which includes a 5,000 sq ft facility with 3,500 sq ft of retail/corporate space and a separate 3,000 sq ft cultivation area — will be converted to Item 9’s Unity Rd. dispensary brand pending regulatory approvals; The Herbal Cure reported $5.4 million in 2021 revenue.

Ayr Wellness Acquires Cultivauna, LLC (Levia)

August 16, 2021

Food & Beverage

Ayr Wellness Inc. has entered into a binding letter of intent to acquire 100% of Cultivauna, LLC, the owner of the Levia brand of cannabis-infused seltzers and tinctures. The deal includes $20 million in upfront consideration (up to $10 million cash, remainder in stock) and an earn-out of up to $40 million in shares tied to 2022–2023 revenue targets; the acquisition is expected to close by the end of 2021 subject to regulatory approvals.

AYR Wellness Acquires Tahoe Hydroponics (with NV Green pending)

April 10, 2023

Agriculture

AYR Wellness Inc. has closed its acquisition of Tahoe Hydroponics Company, LLC, a Nevada-based cultivator, assuming 100% of membership interests. At close AYR paid $1.5 million in cash and issued 232,795 exchangeable shares (with an additional NV Green, Inc. closing expected and further shares to be issued upon that closing).

Curaleaf Acquires Deseret Wellness

March 29, 2023

Retail

Curaleaf Holdings, Inc. agreed to acquire Deseret Wellness in a cash-and-stock transaction valued at approximately US$20 million. The deal adds three medical cannabis dispensaries in Park City, Provo and Payson (combined annualized revenue ~$14 million), expanding Curaleaf’s Utah retail footprint to four dispensaries and its nationwide store count to about 150.

Curaleaf Acquires Bloom Dispensaries

December 28, 2021

Consumer Products

Curaleaf Holdings, Inc. agreed to acquire Bloom Dispensaries, a vertically integrated single-state cannabis operator in Arizona, in an all-cash transaction valued at approximately US$211 million. The deal adds four retail dispensaries (Phoenix, Tucson, Peoria, Sedona) plus ~63,500 sq. ft. of adjacent cultivation and processing space in north Phoenix; Curaleaf will pay $51 million cash at close and the remainder via three promissory notes, and Bloom generated estimated 2021 revenue of ~$66 million with EBITDA margins above 40%.