In a development that came as a significant boost for Curaleaf stock, Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF) today announced that it is all set to start its operations in Pennsylvania. The company announced today that it has been approved as a clinical registrant in the commonwealth by the Pennsylvania Department of Health.
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Curaleaf will now be able to establish a cultivation and processing facility in the state. The company will also be able to set up as many as six dispensaries in Pennsylvania.
This is a significant development for Curaleaf Holdings because it allows the company to expand its presence into a new state. The Chief Executive Officer of Curaleaf spoke about the developments: “We look forward to contributing to medical research that will ultimately benefit not only the residents of the Commonwealth but the entire country."
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Curaleaf stock is up by 1% at C$8.05 at the time of writing.
It remains to be seen how quickly the company can jumpstart its operations in the state. However, that is not all. On Thursday, Curaleaf Holdings got another piece of good news with regards to GR Companies, which Curaleaf is going to acquire soon.
GR Companies, which is better known as Grassroots, operates a chain of cannabis dispensaries in the United States. It announced yesterday that it has entered into a sale and leaseback agreement with NewLake Capital Partners for 10 of its properties. The company is going to get a total of $20 million for the deal. Six out of the ten properties are going to be sold straight away, and the rest of the properties are going to be sold within 45 days.
Curaleaf had agreed to buyout Grassroots back in 2019, and the deal is expected to be closed soon. The infusion of fresh capital into the company is definitely good news for Curaleaf stock.
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