Curaleaf Announces Termination of Equity Purchase Agreement with The Cannabist Company

Executive Summary

• Curaleaf Holdings terminated its binding equity purchase agreement to acquire The Cannabist Company's Virginia assets.
• A competing bid valued the assets at $130 million plus assumption of a $30 million lease liability, which Curaleaf deemed above fair value.
• Curaleaf expects to receive a break‑fee of approximately $3.3 million upon cancellation of the agreement.

Key Details

• The original transaction was an equity purchase agreement for The Cannabist Company's Virginia assets (“Virginia Assets”).
• Competing bid valuation: $130 million plus assumption of $30 million lease liability.
• Curaleaf’s due‑diligence concluded the competing offer exceeded the rational fair value of the assets, prompting termination.
• Break‑fee: Curaleaf anticipates receipt of a $3.3 million fee as stipulated in the original agreement.
• No further acquisition activity disclosed; Curaleaf reaffirmed its commitment to an “opportunistic and disciplined” acquisition strategy.

Notable Quotes

(No direct quotes from executives were included in the release.)