Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, today announced the completion of the planned acquisition of the assets of Curaleaf NJ, Inc. ("Curaleaf NJ"), a vertically integrated medical cannabis non-profit corporation that holds one of the original six medical licenses in New Jersey. Curaleaf Holdings, Inc. now owns 100% of the Curaleaf NJ, Inc. Alternative Treatment Center ("ATC") operations, assets and licenses in New Jersey, for which it previously provided management services. Following the acquisition Curaleaf will integrate the financial results of the New Jersey medical cannabis business operations into its consolidated financial statements, which were previously reported as managed revenues.
Joseph Lusardi, CEO of Curaleaf, said, "Curaleaf is one of New Jersey's oldest and largest providers of cannabis. The asset acquisition we announced today completes our vertical integration and conversion to a for-profit entity in the state, marking a major milestone for our New Jersey presence. With our strong growth and a cannabis adult-use ballot approval on the horizon, we are actively investing in the expansion of our market leading position to better serve the more than 9 million residents of the Garden State with the quality cannabis products they rely on."