Oregon-based Cura Partners was purchased by Massachusetts-based Curaleaf last Wednesday, May 1 for almost $1 billion, making it the country’s first legal cannabis “unicorn” (a company valued at or above $1 billion). This deal will merge the two largest cannabis retail brands on the east and west coasts, and is the largest legal cannabis business deal ever signed.
Cura Partners distributes the Select brand in Oregon, California and Nevada, with a presence in over 900 stores in California alone.
The two brands have a combined $200 million in sales over the last year, making them now the largest cannabis company in the country. Over $6 billion in cannabis business deals have been signed so far this year as more states, like Michigan, have voted to legalize cannabis and will soon be open markets for investors.
Curaleaf’s executive chairman Boris Jordan, describing the potential of acquiring a widely-distributed brand like Select, told CNBC, “It’s kind of like buying Coca-Cola 30 years ago for $1 billion.”
By Ian MacRonald