Richmond, Va. – Curaleaf Holdings is paying up to $110 million to take full control of Virginia’s medical cannabis market by buying every Cannabist Company asset in the state, a move that lands the buyer five open dispensaries, one more under construction, and a massive Richmond growing and production hub.
The blockbuster deal lands just days before Virginia lawmakers are set to vote on full adult-use sales rules, putting Curaleaf in pole position the moment recreational marijuana becomes legal.
Deal Breakdown: Cash, Notes, and Future Payments
Curaleaf will hand over $80 million in cash when the sale closes, expected before the end of 2024. Another $20 million comes later as deferred payment, and a $10 million promissory note carries 6% interest until it is paid off.
The assets include:
- Five operating Cannabist dispensaries in Carytown, Portsmouth, Hampton, Williamsburg, and Virginia Beach
- A sixth store already under construction in Richmond
- Roughly 82,000 square feet of cultivation and production space on a 12-acre campus in eastern Richmond
That Richmond facility can produce more than 100,000 pounds of cannabis flower a year once fully scaled, insiders say.
Perfect Timing as Virginia Adult-Use Vote Looms
The Virginia Joint Commission on Cannabis Policy delivered its final adult-use framework to lawmakers this month. The proposal keeps the current 4.5-plant personal grow limit, sets a 21% excise tax plus local options, and allows existing medical operators to open three adult-use stores each right away.
If the General Assembly passes the bill in early 2025 as most observers expect, Curaleaf will instantly become one of the biggest adult-use players in the state overnight.
How the Two Companies Stack Up Today
| Company | States | Dispensaries | Cultivation Sites | Key Brands |
|---|---|---|---|---|
| Curaleaf | 17 | 151 | 19 | Curaleaf, Select, Grassroots, Find |
| Cannabist (Columbia Care) | 12 | 61 | 16 | Seed & Strain, gLeaf, Triple Seven, Press |
Cannabist has been looking to shed non-core markets to pay down debt and focus on stronger states like New Jersey and Ohio. Selling Virginia helps clean up its balance sheet fast.
What It Means for Virginia Patients and Future Customers
Patients will see almost no change at the register. All five open stores will flip to Curaleaf branding over the next few months, but staff, pricing, and product menus stay the same for now.
When adult-use launches, those same locations can start selling to anyone 21 and older with no medical card required. That could happen as early as May 1, 2025, if the legislature hits its deadlines.
Local growers and small businesses worry the deal gives Curaleaf too much control. The five open stores plus the one coming online will give Curaleaf six of Virginia’s roughly 25 medical dispensaries the moment the sale closes.
Virginia law still caps each operator at twelve total retail licenses statewide once adult-use begins, leaving room for others, but Curaleaf now owns half its allowed footprint on day one.
This sale shows big multi-state operators are already placing their chips on the table in states about to flip recreational. Virginia patients get stability today, and adult consumers could get faster access tomorrow because a deep-pocketed company is ready to scale up the second the law changes.
The Old Dominion is about to go green in a big way, and Curaleaf just bought the best seat in the house.
Maria Garcia is an award-winning author who excels in creating engaging cannabis-centric articles that captivate audiences. Her versatile writing style allows her to cover a wide range of topics within the cannabis space, from advocacy and social justice to product reviews and lifestyle features. Maria’s dedication to promoting education and awareness about cannabis shines through in her thoughtfully curated content that resonates with both seasoned enthusiasts and newcomers alike.
