Verano Acquiring Cannabist Assets In Virginia And Arizona for $105 Million
July 30, 2024Illinois-based multistate operator Verano is expanding in the Virginia and Arizona markets via two purchases from The Cannabist Co. totaling $105 million. In Virginia, Verano is paying $90 million to acquire six dispensaries along with a cultivation and production facility. The operations are based in Eastern Virginia, making Verano a leader in the region, which has two million residents across areas like Virginia Beach, Chesapeake, and Norfolk.
In Arizona, Verano is adding two dispensaries, one cultivation facility, and one production facility at a cost of $15 million. That will bring its Arizona footprint to eight dispensaries and 90,000 feet of cultivation space. Together, the two acquisitions will bring Verano’s presence to 14 states, 15 cultivation and production facilities, and 150 dispensaries.
The Cannabist Co. will retain its Virginia operations in the Richmond region, including five retail locations and 80,000 feet of cultivation and manufacturing capacity. After exiting the Arizona market, The Cannabist Company’s footprint will total 13 markets.—Daniel Marsteller
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