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Curaleaf Announces Asset Divestitures in Maryland for $31.5 Million
Curaleaf Announces Asset Divestitures in Maryland for $31.5 Million Transaction...
About this update from Curaleaf Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Curaleaf Announces Asset Divestitures in Maryland for $31.5 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Transactions Support the Optimization of Curaleaf's Vertically Integrated Presence in Maryland\n \n \n Canada NewsWire\n \n \n WAKEFIELD, Mass., Nov. 6, 2020\n \n \n \n \n \n WAKEFIELD, Mass.\n \n ,\n \n Nov. 6, 2020\n \n /CNW/ --\n \n Curaleaf Holdings, Inc. (CSE: CURA, OTCQX: CURLF)\n \n (\"Curaleaf\" or the \"Company\"), a leading vertically integrated cannabis operator in\n \n the United States\n \n , today announced a pair of planned asset divestitures in\n \n Maryland\n \n for a combined\n \n $31.5 million\n \n in total proceeds:\n \n \n \n Entering into Definitive documentation to sell Curaleaf's interests in HMS cultivation and processor for\n \n $27.5 million\n \n to TerrAscend Corp. (\"TerrAscend\") (CSE:TER, OTCQX: TRSSF)\n \n \n Closing of its sale of\n \n Cumberland, MD\n \n processor for\n \n $4.0 million\n \n \n \n \n Curaleaf announced today the signing of a definitive agreement to sell its rights to the HMS Health LLC and HMS Processing LLC (\"HMS\") assets in\n \n Maryland\n \n to TerrAscend for a total consideration of\n \n $27.5 million\n \n . The HMS asset sale includes the divestiture of operations in a 22,000 square foot co-located cultivation and processing facility in\n \n Frederick, MD\n \n . The total consideration due to Curaleaf of\n \n $27.5 million\n \n includes\n \n $25 million\n \n in cash due at closing as well as a\n \n $2.5 million\n \n interest bearing Note due and payable to Curaleaf on\n \n April 30, 2022\n \n . The transaction is expected to close pending customary closing conditions, including regulatory approval by the Maryland Medical Cannabis Commission.\n \n \n The completion of the HMS transaction will allow Curaleaf to move forward, subject to regulatory approval, with its proposed acquisition of Maryland Compassionate Care and Wellness, LLC (\"MCCW\"), which operates a 55,000 square foot co-located cultivation and processing facility in\n \n Taneytown, MD\n \n and a dispensary in\n \n G...