Curaleaf To Buy The Cannabist’s Virginia Assets Amid Ongoing US Cannabis M&A

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), a multistate operator and international cannabis powerhouse, is acquiring The Cannabist Company Holdings Inc.’s (Cboe CA: CBST) (OTCQB: CBSTF) Virginia assets.

The deal, which is expected to close in the first quarter of 2026, includes a fully operational cultivation facility, five retail dispensaries and the right to open one additional store, the company said on Tuesday.

The transaction includes a 15-business-day go-shop period ending at 11:59 p.m. ET on Dec. 22, 2025. If The Cannabist accepts a rival bid for the Virginia assets or fails to secure noteholder consent, Curaleaf will receive a $3.3 million break-up fee plus up to $350,000 in costs.

In the meantime, both Curaleaf and The Cannabist reported recently a year-over-year decline in the third quarter revenue of 3% and 30%, respectively.

In October, Curaleaf amended its revolving credit agreement with Needham Bank, increasing its borrowing limit from $40 million to $100 million and extending the maturity to five years.

Boris Jordan, chairman and CEO of Curaleaf, said an “increased credit line provides us greater flexibility to execute our strategic plan, but it also demonstrates the confidence Needham has in our long-term objectives.”

Separately, discussing the wave of liquidation, receivership, restructuring and acquisition taking place across the U.S. cannabis sector at the recent IgniteIt Capital & Policy Summit in Washington, Jordan said the trend is a reflection of a maturing market and that it’s common in new, fast-growing industries.

CURLF Price Action

Curaleaf’s shares traded 4.02% lower at $2.34 per share at the time of writing on Tuesday.