Curaleaf Opens Cape Cod’s First Cannabis Store

Curaleaf Holdings Inc. will open Cape Cod’s first recreational marijuana dispensary at noon today.

The Massachusetts-based vertically integrated cannabis firm secured a property on Commercial Street in the heart of Provincetown for the new store. It will be open seven days a week, selling a wide range of products.

Provincetown is located at the extreme tip of Cape Cod and its year-round population is just 3,000. However, the summer population shoots up to 60,000 due to its popularity with affluent vacationers, which provides Curaleaf with a strong addressable market.

“As one of the largest cannabis companies in the United States, we are proud to be based right here in Massachusetts and to be expanding our presence across the Commonwealth,” said Curaleaf chief executive Joseph Lusardi, a Massachusetts native.

The store will usually be open from 10 a.m. to 6 p.m. from Monday through Saturday and 10 a.m. to 5 p.m. on Sunday during the winter and early spring, but during the summer months it will open from 9 a.m. to 9 p.m. to cater to tourists.

Curaleaf opened its first adult-use cannabis in Oxford, Massachusetts, in November 2019, co-located with an existing medical dispensary it owned there. It also medical dispensary in Hanover, MA and a processing and cultivation facility in Webster, MA.

The firm currently employs 65 people at its national headquarters in Wakefield, MA and another 148 employees at its local Massachusetts operations. It is bidding to become one of the largest players in the U.S. marijuana market and it has operations in 12 states with 52 dispensaries, 14 cultivation sites and 14 processing sites.

Last month it announced the issuance of a new $275 million senior secured term loan facility, a move designed to assuage any concerns investors may have harboured about the company’s cash position. A couple of weeks ago it announced the closing of the loan, which was upsized to $300 million.

Last week it struck an agreement with its shareholders to further extend its lock-up period. The new agreement would only release 5% of the shares owned by insiders on the last day of each calendar quarter, starting Mar. 31, 2020, and is connected to Curaleaf’s planned closing of the deal to acquire Select.

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