Wakefield, Mass.-based cannabis company Curaleaf Holdings (CURLF) announced it agreed to purchase Cura Partners, owners of the Select cannabis brand, for C$1.27 billion, or $948.8 million.
The acquisition includes Select's manufacturing, processing, distribution, marketing and retailing operations and all adult-use cannabis products marketed under the Select brand name.
"The transformational acquisition of Cura and the Select brand is another step in our journey to create the most accessible cannabis brands in the U.S.," said Joseph Lusardi, CEO of Curaleaf. "The combination of Curaleaf and Select is a perfect fit. With our industry leading capacity, expansive retail distribution network and Select's impressive sales and marketing capabilities, we intend to meaningfully accelerate our topline growth trajectory with the addition of the Select Oil product range."
Curaleaf will expand its board to six seats from five, with Cameron Forni, CEO of Cura Partners, joining the board.