Curaleaf logo banner

Curaleaf Acquires Deseret Wellness, Expanding Presence in Utah

Apr 17, 2023


New York, NY--Curaleaf Holdings, Inc., a top international provider of consumer cannabis products, has announced the successful completion of its acquisition of Deseret Wellness, Utah's largest cannabis retail operator.

[Image via Curaleaf Holdings, Inc.]

This acquisition expands Curaleaf's retail presence to four dispensaries in Utah and 150 nationwide.

Executive Chairman of Curaleaf, Boris Jordan, expressed enthusiasm for the acquisition, noting that Deseret is an excellent strategic fit for Curaleaf as they continue to expand their retail footprint in key emerging markets, according to a report.

He highlighted that the acquisition enables Curaleaf to serve better Utah's rapidly expanding medical program, which reported a record-breaking $118.7 million in sales last year.

Curaleaf CEO, Matt Darin, shared his excitement about the acquisition, stating that Deseret's addition to Curaleaf's portfolio strengthens their medical presence in Utah with a compelling assortment of retail assets.

Utah is seen as an emerging market opportunity with long-term growth potential. Curaleaf looks forward to offering high-quality cannabis products to an expanded base of medical patients in the state.

The cash and stock transaction, valued at around $20 million, encompasses three retail dispensaries in Park City, Provo, and Payson, with a combined annualized revenue run rate of $14 million.

Learn more in the report.