Curaleaf Holdings, Inc. has terminated its agreement to acquire The Cannabist Company’s Virginia assets due to a competing bid that exceeded fair market value, and it will continue to pursue strategic acquisition opportunities.

Information on the Target

Curaleaf Holdings, Inc. is a prominent provider of consumer cannabis products in North America, known for its extensive portfolio and innovative offerings in the cannabis market. On December 19, 2025, the company announced that it would be terminating its binding agreement to acquire The Cannabist Company's assets located in Virginia. This decision comes after due diligence revealed a competing bid of $130 million, along with an additional $30 million in lease liabilities, which Curaleaf deemed to exceed the fair value of the assets in question.

The Cannabist Company has emerged as a notable player in the Virginia cannabis sector, capitalizing on the recent legalization trends within the state. Despite the termination of this deal, Curaleaf aims to maintain a strategic and disciplined approach when pursuing future acquisitions in the dynamic cannabis market.

Industry Overview in Virginia

The cannabis industry in Virginia has seen significant growth and transformation over recent years due to a shift in regulatory landscapes. Following the legalization of adult-use cannabis in the state, an increasing number