Curaleaf to Sell Vermont Assets for Undisclosed Amount

Curaleaf has agreed to sell its Vermont assets to Zenbarn Farms, according to Vermont Business Magazine.

In November, CEO Boris Jordan said on the company’s earnings call that it had left Vermont – as well as Michigan – but didn’t give any additional details.

Vermont Business reported that Zenbarn Farms announced the planned acquisition of Vermont Patients Alliance (VPA) and all Vermont assets currently operated by Curaleaf. VPA was one of the original medical cannabis companies in the state and had previously been purchased by Grassroots out of Chicago and then came to Curaleaf after it acquired Grassroots.

Curaleaf did note in its recent MD&A that the Vermont assets were designated as held-for-sale.

Zenbarn Farms

“This represents an opportunity to take our business to the next level and create something that will truly contribute to the Vermont community,” remarked a representative from Zenbarn Farms. “We aim to foster a sustainable and equitable cannabis industry in the state of Vermont, and are grateful for the groundwork laid by Curaleaf, which has set a strong foundation for continued success.”

Zenbarn is described as a mission-driven social equity company focused on creating a sustainable and equitable cannabis industry. The company says it is committed to using organic, sustainable, and regenerative agricultural practices and providing training opportunities for underrepresented groups in the cannabis industry.

This purchase includes a medical dispensary in Bennington, a Medical/Recreational dispensary in Montpelier, and a state-of-the-art hybrid greenhouse cultivation and manufacturing facility. Vermont Digger reported that Zenbarn plans to close the adult-use dispensary in Montpelier.

Future Plans

According to the reports, Zenbarn Farms plans to use the new facility to produce premium-quality cannabis using organic, sustainable, and regenerative agricultural practices. Vermont Business reported that the company also plans to create a craft cannabis campus with a workforce development program and brand incubator supporting the development of a group of Vermont cannabis brands.

Vermont Business wrote, “The workforce development program will offer seed-to-sale training, internship opportunities, and workshops to individuals in Vermont and nationally. The program will focus on providing training to BIPOC, women, people with disabilities, and those reentering society from correctional facilities. The brand incubator will develop brands to showcase Vermont growers, producers, and innovative products.”

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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