May 1, 2019


Next phase of buying with paper for inflated assets is on. The newest player is  Curaleaf Holdings, Inc. (CURLF) ($11.57) with an all-stock deal valued at  $950 million. Massachusetts-based cannabis company Curaleaf Holdings agreed to purchase a West Coast cannabis oil manufacturer, Cura Partners, which owns Select, the leading cannabis brand in California, Nevada, and Oregon.  Combining  Curaleaf’s East Coast footprint with a West Coast-focused Cura Partners will create the "most significant" U.S. cannabis company by market cap and combined 2018 sales -  market canalization $5 billion; revenue (ttm) 77.06 million.

Curaleaf CEO Joe Lusardi said, “The combination of Curaleaf and Select is a perfect fit. With our industry-leading capacity, expansive retail distribution network and Select’s impressive sales and marketing capabilities, we intend to meaningfully accelerate our top-line growth trajectory with the addition of the Select Oil product range.”
After an expected close to the Curaleaf-Cura Partners deal, the combined company will have a presence in 15 states. The merger should reduce costs, including a 25% reduction in processing expenses and a 50% drop in Select’s material prices.

A wave of consolidation in the cannabis space has made extreme market cap companies more excessive while further contracting their abilities to earning a real profit from operations.  Two weeks ago Canada’s Canopy Growth and U.S. multi-state operator Acreage Holdings announced a $3.4 billion. Trading paper for paper is the third oldest profession and the one that supplies the least satisfaction.



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