Curaleaf, the largest alternative treatment center in the state, quietly added another building to its Bellmawr campus this summer. Last week the company announced plans to open a second dispensary in Bordentown while continuing to whole sell product to other alternative treatment centers around the state.
The cannabis giant has 93 dispensaries in nearly two dozen states. Last week, the four-building South Jersey campus bustled with patients waiting in their cars, packing the parking lot and lining up along the roadside.
The Sale-Leaseback Transaction Emerges in Cannabis
As capital availability has dried up cannabis companies have looked for alternatives to generate growth capital.
Several larger, vertically integrated operators have looked to their balance sheets to free up assets, in particular the real estate underlying their cultivation, processing and manufacturing businesses. The emergence of the “Sale-Leaseback” transaction in cannabis has arrived.
Massachusetts-based Curaleaf has become one of the largest multistate cannabis operators in the United States by adopting a broad-market approach – with scores of cultivation, processing and dispensary facilities now stretching across 23 states.
The diversified approach comes at a time when other multistate operators have retrenched and refocused operations, in part to conserve cash after investors grew hesitant to wager on cannabis and capital became tight.