Vireo Growth To Acquire The Cannabist Co. Assets In Five States
Total consideration for the Transaction will be up to $35 million
Vireo Health of Arcadia LLC, a subsidiary of Vireo Growth Inc., will acquire The Cannabist Company Holdings Inc. assets including cannabis cultivation, manufacturing, and retail operations across five markets: Colorado, Illinois, Massachusetts, New Jersey, and West Virginia.
Total consideration for the Transaction, subject to certain regulatory approvals, will be up to $35 million, comprising up to $18.75 million in cash payable at closing and up to $16.25 million in seller notes. Total consideration payable will be subject to customary adjustments based on target levels of cash, indebtedness, tax liabilities, working capital adjustments, and other items. The transaction is expected to occur in stages through calendar year 2026 and into calendar year 2027.
The transaction will expand Vireo’s Colorado presence to eight dispensaries and introduce the company to four new state markets. In total, the company expects to add up to 25 dispensaries, one cultivation facility, and one production asset, bringing Vireo’s total retail footprint to approximately 230 dispensaries across 15 states.
The Cannabist has been downsizing and restructuring as part of a court-approved insolvency proceeding initiated in March in Canada and in May in the United States.
