Curaleaf Holdings is close to becoming the nation’s largest cannabis chain.
The company—which has some 60 dispensary locations, mostly of the medical marijuana variety, in 12 states—is expected to close on the acquisition of Illinois-based cannabis GR Companies Inc. in a nearly $900 million deal this month.
Once the deal is completed, Massachusetts-based Curaleaf will have locations in 19 states. The company employs about 160 people in Nevada, where it is looking to fill 40 more positions.
Vegas Inc recently visited with Curaleaf President Joe Bayern to talk about how the industry is navigating the COVID-19 pandemic and how Curaleaf’s Nevada dispensaries (the company also owns the Acres brand) are performing.
Curaleaf has two dispensary locations in Las Vegas and one set to open soon in Ely, along with cultivation and manufacturing facilities in Nevada. How important is the Las Vegas market to the company?
Las Vegas isn’t a large piece of our revenue, but it’s a very influential market for us with great potential. It’s about creating brand image and brand presence in an influential marketplace. If we continue to build out cultivation in Nevada, we certainly see the business growing and becoming more impactful. Looking at things like on-premise consumption, Nevada has already started that. Nevada is leading the way on a lot of things that we want to see happen at a national level. Revenue isn’t indicative of how important that market is to us.
According to the Nevada Dispensary Association, sales in the state were down 20% in March and April. How has Curaleaf been able to navigate this pandemic economy, especially with the in-store restrictions put in place in March when Gov. Steve Sisolak shut down much of the state’s economy?
In the cannabis sector, it’s kind of par for the course. The one constant