Two multi-state cannabis firms that already have a presence in Maryland are combining in a bid to gain a broader national footprint.
Chicago-based Verano Health will acquire Minneapolis-based Goodness Growth Holdings for the equivalent of $413 million in an all-stock deal announced Tuesday. The deal will allow Verano to enter the New York, Minnesota and New Mexico markets. New York legalized recreational marijuana use last year and while retail shops aren’t expected to appear until late 2022 or 2023, the deal gives Verano access to a delivery service across the New York City area.
“We have always viewed New York as a strategic market to solidify our existing East Coast presence,” said Verano CEO George Archos.
Upon completion of the deal, Verano will have a presence in 18 states, including 17 cultivation facilities and 111 active dispensaries, according to the release.
