Curaleaf Holdings, Inc. has completed its acquisition of Deseret Wellness, the largest cannabis retail operator in Utah. 

With the close of the transaction, Curaleaf's retail footprint has increased to four dispensaries in Utah and 150 nationwide.

"Deseret is an excellent strategic fit for Curaleaf as we continue to expand our retail footprint in key emerging markets,” said Boris Jordan, executive chairman of Curaleaf. “This transaction enables us to better serve Utah's rapidly expanding medical program, which recorded a record-breaking $118.7 million in sales last year. On behalf of the Board of Directors and management team, I am pleased to officially welcome Deseret to the Curaleaf family."

The cash and stock transaction, valued at approximately $20 million, includes three retail dispensaries located in the cities of Park City, Provo and Payson, with a combined annualized revenue run rate of $14 million.

"We are excited to complete our acquisition of Deseret which bolsters Curaleaf's medical footprint in Utah with an attractive portfolio of retail assets,” said Curaleaf CEO Matt Darin. “Utah represents an emerging market opportunity with long-term growth potential, and we look forward to serving an expanded base of Utah medical patients with high-quality cannabis products."