Vireo Growth and C21 Investments have entered into an all-stock for C21's cannabis operations in Nevada. The deal is expected broaden Vireo's presence in Nevada to approximately 15 total dispensaries and 158,000 square feet of cultivation and manufacturing capacity.
Following the completion of the Transaction, C21 will join the Vireo ecosystem and gain exposure to a larger and multi-state operator currently operating in 10 states across the U.S.
“This acquisition further expands our presence in Nevada, an important market for us, and strengthens our ability to serve customers across the state. C21 adds a leading northern Nevada operation to our existing platform, including three of the highest volume dispensaries in the state with its Silver State Relief brand,” said Vireo CEO John Mazarakis in a statement.
The C21 deal continues Vireo's prolonged M&A streak. In April, Vireo closed its deal to acquire cannabis cultivation unit Hawthorne from Scotts Miracle-Gro after recently buying retail assets from Eaze, PharmaCann and Schwazze. Those transactions expanded Vireo’s retail presence in Colorado to 55 stores.
Vireo also recently announced an agreement with Glass House, one of the largest cannabis growers in the U.S., to combine their California retail operations into a new joint venture.
Glass House currently operates 11 California retail locations, and Vireo operates 12 dispensaries and home delivery operations recently acquired from Eaze. The combined network will be supported by a preferential supply agreement with Glass House. Cory Azzalino, Vireo's president of California and former CEO of Eaze, has been tapped to run the joint venture, where he will oversee operations and lead the platform's retail acquisition and expansion strategy.
Vireo has also recently announced deals for Fluent and Bridgewell.
