Curaleaf Holdings Inc., the most valuable U.S. marijuana company, is pushing into the Midwest to tap potentially lucrative markets that are taking shape in Michigan and Illinois.
Curaleaf, backed by Moscow banking veteran Boris Jordan, is buying Chicago-based Grassroots Cannabis in a cash and stock deal valued at about $875 million. The shares surged as much as 14%.
The acquisition gives Curaleaf, which has a market value of about $3 billion, a presence in more states, including Illinois and Michigan, which have legalized recreational marijuana but don’t yet have stores open. The Midwest was a key hole in the company’s ...