Multistate cannabis company Vireo Growth Inc. is set to acquire Planet 13 Holdings Inc., adding 36 dispensaries across Florida, Illinois, and Nevada. The deal also includes three active cultivation and production assets – one in Nevada and two in Florida – a distribution license, and a consumption lounge license.
In a statement, John Mazarakis, Vireo CEO, said the merger “represents another significant milestone of [the company’s] disciplined growth strategy.”
“These assets will deepen our existing footprint in Nevada and Florida, while complementing our developing platform in Illinois. Combined with our previously announced acquisitions, this transaction will further expand our scaled operating platform across attractive limited-license markets and reinforces our belief that disciplined consolidation can create long-term organic growth and meaningful shareholder value.” — Mazarakis in a press release
Following the close of the deal, Vireo will become the second-largest dispensary network in Florisa, with 106 dispensaries along with about 329,000 square feet of cultivation and production capacity. In Nevada, the company will run about 17 dispensaries and about 150,000 square feet of active cultivation and production capacity. The deal includes just one dispensary in Illinois.
Larry Scheffler, Co-CEO of Planet 13, said in a statement that the company believes “Vireo is the right long-term steward” for the business.
Earlier this month, Vireo announced plans to acquire some cultivation, manufacturing, and retail operations from The Cannabist Company Holdings Inc.
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