Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said it will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state. Its first store opened in Hartford in 2014, the second in Milford in 2017, and the Stamford store opened its doors in January 2020.
Curaleaf is already one of four licensed growers in Connecticut and currently operates a 60,000 square foot cultivation facility in Simsbury that provides high-quality cannabis products to over 40,000 patients throughout the state. The acquisition will now allow Curaleaf to be vertically integrated, providing products to the patients directly as well as through existing wholesale channels.
“Arrow Alternative Care’s stores are the gold standard of pharmacy-like operations in Connecticut. They have grown a large, dedicated patient base by providing exceptional service and quality products,” said Joe Lusardi, CEO of Curaleaf. “This acquisition will be immediately accretive and provides Curaleaf with vertical integration in Connecticut. We can now bring the knowledge we’ve cultivated through our experience across 15 states to Connecticut’s medical cannabis patients directly.”
The company said that it has received an Essential Services Designation in key markets which will allow the company to continue to meet the needs of its customers. Curaleaf noted that the designation means that like pharmacies and grocery stores, Curaleaf dispensaries provide an essential service to communities and are authorized to remain open during the COVID-19 outbreak.
“The COVID-19 situation is evolving rapidly and we are responding as quickly as possible to ensure we can continue to meet the needs of our customers. We have never been more committed to providing our vital services and products and will continue to do everything we can to fulfill that mission while protecting the wellbeing of our dedicated employees. In these difficult times, we will be hiring employees and working with local organizations to provide job opportunities to those who are out of work,” said Joseph Lusardi, Chief Executive Officer of Curaleaf.
Curaleaf dispensaries will remain open in Arizona, Florida, Maine, Maryland, Massachusetts (medical only), Nevada (delivery only), New Jersey, New York, and Oregon. Curaleaf said it has adjusted its dispensary schedule to accommodate increased demand and prioritize vulnerable customers, including dedicated hours for seniors. The company is also enforcing social distancing, increasing sanitation and hygiene measures and using technology to minimize contact and increase safety by working to employ curbside delivery, mobile pre-ordering, express pickup, and a waitlist ordering app.
Curaleaf is working to minimize risk to its customers and employees by collaborating closely with local and statement governments, and implementing new procedures, technologies and policies at its dispensaries.