Greenlight, a vertically-integrated, multi-state operator, announced that it has executed definitive agreements to acquire an operating adult-use dispensary in Las Vegas, Nevada, and a cultivation facility in Buckhannon, West Virginia. Upon approval by the regulatory bodies, Greenlight will have 30 operating dispensaries and more than 200,000 square feet of cultivation and manufacturing space in six states.
Greenlight has also issued a third seven-figure dividend to its shareholders, following the first-ever issuance of a dividend by an MSO in April of this year. In 2023, Greenlight has returned consecutive dividends that amount to over 13% of the total invested capital in the Company.
Greenlight continues its strategic growth and expands its footprint in limited license markets with the pending acquisition of an operating recreational and medical dispensary in Las Vegas, Nevada. In addition, the Company has acquired a new cultivation facility in Buckhannon, West Virginia, vertically integrating Greenlight's operations in the state. Highlights include:
- Greenlight Las Vegas, Nevada – Greenlight's co-founders, who oversaw the scale and sale of Nevada-based company Acres Cannabis, are back to their roots with the acquisition of a Las Vegas dispensary.
- Greenlight Buckhannon, West Virginia – The launch of Greenlight's newest 18,000 sq. ft. cultivation facility in Buckhannon, West Virginia officially marks vertical integration of the Company's operations in West Virginia. In addition, Greenlight's newest dispensary location, Greenlight Elkins, will mark its 6th dispensary location in the state.
- Shareholders Dividend - Leading the industry in cost controls and prudent expansion, the issuance of a third consecutive quarterly dividend separates Greenlight from other leading cannabis operations.
John Mueller, co-founder & CEO, Greenlight said, "With more than 580 dedicated employees and exceeding $200 million in annualized revenue, we continue to focus on strategically growing as a debt-free and profitable organization. Our strategic approach and disciplined business model have allowed us to pursue our growth initiatives in the face of challenging regulatory and economic conditions affecting the broader cannabis industry. This significant milestone for Greenlight reflects our dedication to leading the industry through prudent financial management and strategic expansion."
Greenlight continues to expand its vertically integrated operations and dominate in limited license states including Missouri, Arkansas, West Virginia, Illinois, Nevada, and South Dakota and is on the trajectory to have 35 dispensaries operational by Q1 of 2024.