Mr. Joseph Lusardi reports
CURALEAF COMPLETES BLUEKUDU ACQUISITION IN COLORADO
Curaleaf Holdings Inc. has completed its acquisition of Virginia's Kitchen, doing business as BlueKudu. Colorado-based BlueKudu is a producer of premium cannabis edibles for medical and adult-use customers, having sold over one million chocolate bars. BlueKudu's established manufacturing facility and outstanding dispensary relationships will enable Curaleaf to continue to roll out its Select brand product portfolio to Colorado cannabis consumers.
Joseph Lusardi, chief executive officer of Curaleaf, said: "Our acquisition of BlueKudu expands Curaleaf's cannabis offerings in the key Colorado market, the second-largest cannabis market in the United States. By fusing BlueKudu's manufacturing capabilities and statewide dispensary relationships with Curaleaf's select portfolio of adult-use cannabis offerings, we will expand consumer choice in Colorado. We look forward to bringing Curaleaf's passion for quality and innovation to the Colorado cannabis market."
As one of Colorado's original and most experienced edible manufacturers, BlueKudu is known for utilizing high-quality ingredients and employing culinary experts to create artisanal cannabis products with vegan and gluten-free options. BlueKudu offers a full suite of adult-use recreational and medical cannabis edibles infused with THC or CBD including chocolates, bonbons, gummies as well as baked goods.
Select elite oils, nano gummies and tinctures, with their wide range of formulations and flavours, provide a broad product menu that will address the varied tastes of the vast Colorado adult-use cannabis community.
Colorado's legal medical and adult-use cannabis market saw sales set a new annual record in 2019 with the state's cannabis shops posting revenue of nearly $1.75-billion, according to Colorado Department of Revenue data. The State of Colorado generated in excess of $300-million from marijuana taxes, licence and fee revenue in 2019 providing important funding for a variety of state programs and services including the State Public School Fund and the Department of Education.
Following the close of the acquisition on July 9, 2020, and subject to working capital adjustment, Curaleaf will integrate the financial results of BlueKudu's business operations into its consolidated financial statements beginning with the company's third quarter 2020 report.
About Curaleaf Holdings Inc.
Curaleaf is a leading vertically integrated multistate cannabis operator with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the company and its brands, Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets.
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