Vireo Health International, Inc., America’s leading science-focused, multi-state cannabis company, today announced the acquisition of four entities which together manage the vertically-integrated medical cannabis business of license-holder Arizona Natural Remedies. The acquisition includes a cultivation and processing facility in Amado, a wholesale business that distributes products to third-party dispensaries throughout the state, and a dispensary in Phoenix.
“With today’s acquisition, Vireo expands its business into the Grand Canyon State’s rapidly growing medical cannabis market,” said Chief Executive Officer, Kyle Kingsley, M.D. “ANR is a recognized leader in all-natural, organic, and pesticide-free cultivation and has done a tremendous job of building consumer trust and loyalty at their Phoenix dispensary. We look forward to welcoming ANR team members into the Vireo family and combining their core competencies with our medical, scientific, and manufacturing expertise.”
Arizona is one of the largest medical cannabis markets in the United States. According to the Arizona Department of Health Services, in February 2019, there were 191,683 active qualifying patients enrolled in the state’s medical cannabis program.
This transaction, which was previously disclosed, was financed through a combination of cash and stock and represents Vireo’s first acquisition since it began trading on the Canadian Securities Exchange under the ticker symbol “VREO.” The Company now has more than 300 employees across operations in seven states including Arizona, Maryland, Minnesota, New York, Ohio, Pennsylvania, and Rhode Island.
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Date: April 01, 2019
Source: Cision
