Curaleaf Holdings Inc., a leading cannabis operator based in Massachusetts, is acquiring three Arrow Alternative Care (AAC) dispensaries in Connecticut, including the one at 814 E. Main St. in Stamford.
Financial terms of the acquisition were not disclosed.
If approved by the state Department of Consumer Protection, the deal will give Curaleaf control of three of the state’s 18 dispensaries.
Curaleaf is one of four licensed growers in Connecticut and operates a 60,000-square-foot cultivation facility in Simsbury that provides cannabis products to over 40,000 patients throughout the state.
“Arrow Alternative Care’s stores are the gold standard of pharmacy-like operations in Connecticut,” Curaleaf CEO Joe Lusardi said. “This acquisition will be immediately accretive and provides Curaleaf with vertical integration in Connecticut. We can now bring the knowledge we’ve cultivated through our experience across 15 states to Connecticut’s medical cannabis patients directly.”
Earlier this week, Curaleaf reported record 2019 revenue of $221 million, up 187% from 2018. It also posted record revenue in the fourth quarter of $75.5 million, up from $32 million in the year-ago period.
There were 41,481 patients registered in Connecticut’s medical-marijuana program as of March 27.