Acres Cannabis in Las Vegas sold for $70 million

The expected sale of a Las Vegas-based cannabis company wouldn’t change the firm’s operations, according to its CEO.

Pending regulatory approval, Massachusetts-based Curaleaf Holdings Inc. is set to acquire Acres Cannabis in a $70 million cash and stock deal that was announced on Monday.

Acres Cannabis CEO John Mueller said the company, which has nearly 100 employees, remains committed to Nevada.

“Some things are still to be determined, but our management and staff aren’t going anywhere,” Mueller said. “We’re still going to be Nevada-based with Nevada employees.”

Acres Cannabis operates a 37-acre farm in Amargosa Valley, which is about 85 miles northwest of Las Vegas. It also has a 24-hour dispensary near the intersection of Western Avenue and West Sahara Avenue and a second dispensary under construction.

“Curaleaf is the largest operator in the U.S.,” Mueller said. “They also already have a footprint in Nevada, so we thought it was a unique opportunity to partner with the biggest guy in the business. We think we can do some really exciting things up in Amargosa Valley, which is really the hub of cannabis in Nevada.”

Curaleaf has cannabis operations in 12 states. On Thursday, it was announced that Curaleaf will partner with CVS Health Corp. to allow for certain Cannabidiol (CBD) products to be sold at CVS stores.