Curaleaf (CURLF -3.98%) isn't letting a pandemic prevent it from getting bigger. On Monday, the company announced it had closed its latest acquisition; it is now the official owner of three Arrow Alternative Care dispensaries.
The trio is located in Connecticut, which at a stroke makes Massachusetts-based Curaleaf a major player there. All told, the state only has 18 dispensaries.
The three Arrow Alternative Care stores sell only medical marijuana products, as the recreational variety of the drug remains illegal in Connecticut. All three are located in urban areas, specifically Hartford, Stamford, and Milford. The Hartford store was the first the company opened, in 2016.
Curaleaf has revealed neither the terms nor the price of its acquisition.
The deal is part of a broader strategy to expand Curaleaf's retail footprint throughout the country. In the press release trumpeting its latest acquisition, the company said its buy "further strengthens our market presence in Connecticut, while reaffirming our position as a leading cannabis operator in the United States."
The cannabis company already has a foothold in the state, being one of its four licensed cannabis growers, and operates a cultivation facility there.
Dispensaries in the New England state have been classified as "essential" businesses in the wake of the the SARS-CoV-2 coronavirus outbreak, so Curaleaf will have a functioning Connecticut operation immediately. Many, though not all, states and municipalities across the U.S. are permitting cannabis retailers to stay open, albeit under certain conditions.
Although Curaleaf stock rose by over 3.5% on Monday, it lagged behind the gains in the broader equities market.