Gesmer Updegrove LLC advised its client Curaleaf Holdings, Inc. (“Curaleaf”) in the acquisition of GR Companies, Inc. (“Grassroots”).
This acquisition results in Curaleaf becoming the largest cannabis company in the world, with operations in over 23 states, including 135 dispensary licenses, 88 operational dispensaries, 30 processing facilities, and 22 cultivation sites.
Completion of the transaction strategically accelerates their expansion into Illinois and Pennsylvania, which are among the largest and fastest-growing cannabis markets in the United States. Upon close, Curaleaf will hold a leading licensed cannabis presence in-state markets including Arizona, Connecticut, Florida, Illinois, Pennsylvania, Maryland, Massachusetts, Maine, Nevada, New Jersey, New York, North Dakota, and Vermont.
Mitchell Kahn, Co-Founder and CEO of Grassroots, commented, “Both Grassroots and Curaleaf are driven by a similar, positive culture and we are excited to join forces, adding scale and a combined strategic vision to create a dominant position in the industry. This opportunity would not have come to fruition without the strength of our highly skilled executive team, who have built an impressive portfolio at an unprecedented pace, with facilities in highly competitive markets. We look forward to integrating our talent and resources to build a great consumer product company – one that is dedicated to producing and delivering high-quality, safe, and effective cannabis products to the customer.”
Gesmer Updegrove served as reorganization counsel in connection with the roll-up and consolidation of the Grassroots entities into Curaleaf. The team at Gesmer Updegrove is led by partner, Sarah Richmond, and attorney, Jeremy Cohen.
See the official press release here.