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CEO, Joseph Lusardi
Source: The Boston Globe

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  • Curaleaf (CURA) has completed its acquisition of Colorado-based cannabis-infused edibles manufacturer, BlueKudu
  • To date, BlueKudu has sold more than one million chocolate bars, and has an established manufacturing facility and existing relationships with a range of dispensaries
  • The acquisition comes off the back of a record year for medical and adult-use cannabis sales in Colorado in 2019
  • The company is expected to integrate BlueKudu's financials with its own in its third-quarter reports
  • Curaleaf (CURA) is currently up 5.14 per cent to C$8.39 per share at 2:11pm EDT

Curaleaf (CURA) has completed its acquisition of Colorado-based cannabis-infused edibles manufacturer, BlueKudu.

BlueKudu produces a range of cannabis-based edibles for both the medical and adult-use markets, and to date has sold more than one million of its infused chocolate bars.

Facilitated by its own manufacturing facility, the company has a well-established relationship with a network of dispensaries through which Curaleaf will continue to roll-out its Select-branded products to consumers in Colorado.

BlueKudu is known for its use of high-quality ingredients and its employment of culinary experts to create artisanal products with both vegan and gluten-free options. Included within its portfolio of THC and CBD products are chocolates, bonbons, gummies and a variety of baked goods.

Joseph Lusardi, CEO of Curaleaf, said the company's acquisition of BlueKudu expands its cannabis offerings in the key Colorado market, which is the second largest sector in the United States.

"By fusing BlueKudu's manufacturing capabilities and statewide dispensary relationships with Curaleaf's Select portfolio of adult-use cannabis offerings, we will expand consumer choice in Colorado.

"We look forward to bringing Curaleaf's passion for quality and innovation to the Colorado cannabis market," he added.

The acquisition comes off the back of a record year for medical and adult-use cannabis sales in Colorado, with the state's outlets posting an aggregate of roughly C$2.38 billion during 2019, according to data from the Colorado Department of Revenue.

As a result, Colorado generated more than $407 million from marijuana taxes, licensing and fee revenue, providing much-needed funding for essential state programs and services, such as the State Public School Fund and the Department of Education.

With the acquisition complete, Curaleaf is expecting to integrate BlueKudu's financial results with its own in its third-quarter reports.

Curaleaf (CURA) is currently up 5.14 per cent to C$8.39 per share at 2:11pm EDT.

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