Curaleaf Holdings Inc., a multi-state cannabis operator, has an option to acquire Ohio Grown Therapies’ medical cannabis cultivation and processing licenses and facility in Johnstown. This is another step in the Greater Boston company’s goal to become the most accessible cannabis company in the country.
OGT broke ground last November on a 32,000-square-foot cultivation and processing facility, which includes 15,000 square feet for two-tier cultivation and 7,500 square feet for processing. Curaleaf is advising the Johnstown company on the buildout and expects to acquire OGT’s cultivation and processing licenses as well as the lease to the Johnstown facility for $20 million in the second half of 2019, subject to regulatory approval.
OGT was awarded preliminary cultivation and processing licenses by the Ohio Department of Commerce in 2018.
“This transaction is reflective of our strategy to become vertically integrated with a focus on limited license markets. As the seventh most populous state in the country, Ohio is an emerging cannabis market with strong growth potential and we plan to continue pursuing opportunities that increase our exposure to this expanding customer base,” Curaleaf CEO Joseph Lusardi said, in a statement.
Curaleaf currently operates in 12 states with 44 dispensaries, 12 cultivation sites and 11 processing sites.