Curaleaf Holdings (CURLF -1.33%) announced Monday that it has won a license to open a medical cannabis dispensary in the State of Utah.
The company said it received a notice of intent for the license from the Utah Department of Health.
The department is awarding a total of 14 permits, spread among four geographic regions. Curaleaf's covers Region 3, which includes Utah, Wasatch, and San Juan Counties, among others. It does not include the state's most populous municipality, Salt Lake City. In total, four dispensaries were approved for Region 3.
The company said it aims to place its dispensary in the City of Lindon, in the vicinity of Utah Lake. It's close to the highway that connects Salt Lake City with the state's third-largest city, Provo.
In the press release with the news, Curaleaf said, "[w]e are grateful to be part of the early development of the industry in the state and will earn the trust and patronage of patients there, as we have in the other states where we operate."
Competition for the 14 licenses was intense, with 130 applications filed from 60 companies, according to data from the Utah Department of Health cited in media reports. The Utah Legislature passed a measure to permit the 14 in a vote last September.
The company said its Lindon dispensary should be completed later this year. It will be subject to regulatory approval.
Curaleaf currently operates 52 dispensaries throughout the U.S. With the Utah medical cannabis dispensary, its footprint will expand to 13 states.
Despite the Utah news, Curaleaf's stock traded down by more than 3% on Monday.