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This is now the biggest cannabis company in the world

July 31, 2020. Summarized by summa-bot.

Employees work on computers at a Curaleaf Inc. store in the Queens borough of New York, U.S., on Thursday, Oct. 18, 2018. Curaleaf, a Massachusetts-based company backed by Moscow banking veteran??Boris Jordan??with roughly 30 pot stores open in 12 states, is raising $350 million through a private placement that??values??the company at about $4 billion. Photographer: Jeenah Moon/Bloomberg

The pandemic has dealt a blow to corporate dealmaking, but one company that you've probably never heard of has been on a buying binge.

​​Curaleaf Holdings (CURLF), a Massachusetts company that grows, processes and sells cannabis through dispensaries in 18 states, last week bought the Chicago cannabis cultivator and retailer Grassroots for $830 million.

That makes Curaleaf the biggest cannabis company globally by sales, with expected annual revenue of about $1 billion, executive chairman Boris Jordan told CNN Business.

​​Large deals in the cannabis industry are comparatively small -- typically in the $200 million to $900 million range -- but some companies have had trouble closing them as stock prices plunged and access to capital dried up.

Jesse Pytlak, a Cormark Securities analyst who covers some of the larger cannabis companies such as Curaleaf told CNN Business that companies like Harvest and MedMen (MMNFF) -- another producer and seller of cannabis -- grew too big too fast, taking on too much debt as they sought to capitalize on what they thought was a burgeoning market.

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