Detroit, MI--JARS Cannabis announced in a news release that it has entered into a definitive agreement to acquire Euflora LLC, a collective of boutique recreational marijuana dispensaries in Colorado. Adding one cultivation center and greenhouse, along with 6 recreational storefronts to its portfolio, the completion of the transaction will increase JARS' retail operations to include a total of 26 storefronts across three states.
"Since the inception of JARS Cannabis, it has been our mission to deliver only the highest quality of products and service to our community and customers," said JARS Cannabis COO, Raymond Abro, in the news release.
"In this evolving industry, the move to acquire Euflora demonstrates a strategic opportunity for JARS to service new customers as we continue to expand our retail footprint across the nation, while aiming to create new jobs and increase access to affordable and accessible recreational cannabis products for all," added Abro in the release.
The timely announcement comes one day after cannabis advocates and industry leaders commemorated the 10th anniversary of Legalization Day, a groundbreaking day in US history when voters in Colorado moved to pass Proposition 64, legalizing the sale, possession, and consumption of recreational cannabis under the state's constitution.
"We are pleased to join forces with JARS Cannabis to pursue a shared vision for the future of cannabis retail through sustainable expansion in core recreational markets," said Euflora COO, Scott Rybicki, in the release. "Today marks a transformative moment in the evolution of Euflora, and we anticipate this acquisition will drive significant leadership, operational, and retail opportunities amongst both parties to better meet the varying needs of our combined staff and loyal customer base."
Transaction highlights and benefits are as follows:
- A combined workforce of 670 employees
- A combined loyalty base of 290,000+ customers
- Addition of 6 recreational storefronts, increasing retail portfolio to 26 storefronts nationwide
- One 7,200-square-foot cultivation center and greenhouse facility
- Expanded product availability and offerings to feature a combination of 250+ brands and over 6,000 product SKUs across various categories and price points
The acquisition and rebranding of Euflora retail stores are expected to be completed by the end of Q4, subject to the satisfaction of closing conditions.
Learn more in this release.