Ahead of a potential November 2026 launch of adult-use cannabis sales, marijuana multistate operator Curaleaf Holdings will enter the Virginia market with a purchase of competitor The Cannabist Company Holdings’ assets in the state, the companies announced Tuesday.
For $110 million, Curaleaf will acquire a vertically integrated medical marijuana license, which includes five retail dispensaries and the right to open a sixth as well as 82,000 square feet of cultivation canopy located near Richmond.
The sale announcement is the latest move made by The Cannabist Co., formerly known as Columbia Care, after company leadership formed a “special committee” to explore mergers or other major moves.
Curaleaf to enter Virginia marijuana market ahead of adult-use sales
According to a company press release, the purchase price consists of $80 million in cash up front, $20 million to be paid within 30 days, and a $10 million promissory note at 6% interest.
If the transaction closes in the first quarter of 2026 as expected, Curaleaf will acquire Green Leaf Medical of Virginia, the legal entity that holds Cannabist’s regional license in the state.
Virginia law limits medical marijuana to no more than five vertically integrated licenses, each assigned to a geographic region.
The Cannabist Co. plans to use the proceeds from the purchase to pay down debt, the company said in a press release.
Last year, the company announced a debt restructuring deal that will see some loans scheduled to come due in 2026 and 2027 mature at the end of 2028 instead.
In August, Cannabist sold off its three medical cannabis dispensaries in Pennsylvania to focus instead on wholesaling, according to a release.
Virginia adult-use cannabis market poised for growth
Virginia cannabis regulators reported nearly $30 million in sales in July and August, the first two months of state-mandated track-and-trace monitoring.
Also potentially on the auction block is the Virginia MMJ license held by Ayr Wellness, which never opened its dispensary, according to the Virginia Cannabis Control Authority.
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