JARS Cannabis to Acquire Euflora, Expanding Retail Footprint in Colorado
Transactions Increase JARS Cannabis' Retail Footprint to Service 290,000+ Cannabis Customers across 25+ Locations in the U.S.
DETROIT, Nov. 7, 2022 /PRNewswire/ -- JARS Cannabis, a privately held, multi-state operating cannabis brand and retailer, today announced it has entered into a definitive agreement to acquire Euflora LLC, a premier 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 and solidify its positioning as a leading purveyor of affordable and accessible cannabis products in the nation's second and third largest cannabis markets.
"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 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.
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. "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
- 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. John Kenny from Taft Stettinius & Hollister LLP acted as legal counsel to both JARS Cannabis and Euflora LLC on the transaction.
JARS Cannabis is a privately held, multi-state operating cannabis brand and retailer with a portfolio of recreational storefronts in Arizona, Colorado, and Michigan. Headquartered in Troy, Michigan, JARS established operations in 2020 and has grown to collectively operate one greenhouse, one indoor cultivation center, and 26 retail storefronts across the US, while offering approximately 6,000 product SKUs from more than 250 emerging and established cannabis brands of various categories and price points. As a culturally inspired organization, JARS is on a mission to rewrite the existing narratives that surround cannabis and seeks to empower the future leaders of our industry while creating an inclusive environment that is fueled by celebrating the intersection of cannabis with creativity, community, and collaboration. Employing a community-focused approach, JARS Cannabis is committed to providing the highest quality of products, with the widest variety of options, at prices people can afford, ensuring the integration of cannabis into any lifestyle is both easy and approachable. For more information, visit www.jarscannabis.com.
This press release contains certain forward-looking statements based on current expectations, forecasts, and assumptions of [JARS/Other Companies Associated With Press Release] ("Company") that are subject to risks and uncertainties. The forward-looking statements in this press release are based on information available to the company as of the date hereof. Use of the words "anticipates," "believes," "estimates," "expects," "intends," "projects," "plans," "potentially" and similar expressions contained herein are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievement to be materially and adversely different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks related to the cannabis industry, general and local economic conditions, competition, natural disasters, market, and other risks commonly associated with the cannabis industry. All of these forward-looking statements are based on estimates and assumptions made by the company which, although believed to be reasonable, are inherently uncertain. Therefore, no assurance or warranty can be given that any of such estimates or statements will be realized, and actual results may differ materially and adversely from those contemplated by such forward-looking statements. The company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or circumstances, or otherwise.
PRESS CONTACT:
Ally Galanty
[email protected]
313.575.0361
SOURCE JARS Cannabis
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