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New York-based multistate operator Curaleaf has exited the Vermont cannabis market after selling its remaining assets in the state to CBD company Zenbarn Farms.
The deal includes a medical marijuana dispensary in Bennington, a medical/recreational cannabis outlet in Montpelier and a greenhouse cultivation and manufacturing facility, VTDigger reported.
A Zenbarn co-owner told VTDigger that the company “plans to close the recreational side of the Montpelier dispensary.”
The terms of the deal were not disclosed, and Curaleaf did not respond to an MJBizDaily query seeking more details.
Zenbarn Farms, a social equity licensee, plans to produce premium, organic marijuana with a sustainable approach, according to a Zenbarn news release.
The Waterbury Center-based company also has plans to create an incubator program for small cannabis brands and a workforce-development program focused on craft marijuana for minorities.
“This represents an opportunity to take our business to the next level and create something that will truly contribute to the Vermont community,” a Zenbarn Farms spokesperson said in a statement.
“We aim to foster a sustainable and equitable cannabis industry in the state of Vermont, and are grateful for the groundwork laid by Curaleaf, which has set a strong foundation for continued success.”
Chicago-based Cresco Labs and Florida-based Trulieve Cannabis also have exited state-legal marijuana markets in recent months, reflecting ongoing efforts to strengthen balance sheets as the industry awaits federal reform.
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