Curaleaf Holdings has taken a major step toward expanding its footprint in Virginia’s medical marijuana market, announcing a binding agreement to acquire The Cannabist Company’s in-state assets.
The deal includes a fully operational cultivation facility, five active dispensaries and the right to open a sixth location, giving Curaleaf a sizable presence in a market positioned for significant growth.
The company said it expects the acquisition to close in the first quarter of 2026, provided all closing requirements are satisfied. The agreement also includes a 15-business-day go-shop period that runs through late December, allowing The Cannabist to solicit alternative offers for the portfolio. If a competing bid is accepted—or if the company fails to secure noteholder approval—Curaleaf would receive a $3.3 million break-up fee along with reimbursement of up to $350,000 in associated costs.
Curaleaf executives framed the move as part of a broader strategy to strengthen the company’s position in key U.S. markets through targeted acquisitions. The Virginia assets offer a combination of production capacity and retail reach, giving Curaleaf full control of the supply chain within one of the East Coast’s more tightly regulated medical marijuana programs.
The company operates internationally across medical and adult-use markets, backed by brands including Curaleaf, Select, Grassroots, Find, Anthem and The Hemp Company. Its global infrastructure spans cultivation, extraction, manufacturing and distribution, serving patients and consumers in Europe, Canada and Australasia.
If finalized, the acquisition would deepen Curaleaf’s U.S. retail network and place the company in a strong position as Virginia continues weighing broader marijuana market reforms.
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