iAnthus Capital today announced that certain iAnthus subsidiaries entered into definitive agreements with Sonoran Roots to sell three dispensaries and two processing/cultivation facilities in Arizona for aggregate consideration of approximately $36.5 million.
The transaction includes two dispensaries, a processing facility and a cultivation/processing facility located in Mesa, Arizona; as well as one dispensary located in Phoenix, Arizona. The transaction will allow iAnthus to redirect resources to its initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while still maintaining a retail presence in Arizona with one dispensary in Mesa, Arizona.
“We are thrilled to announce the acquisition of select iAnthus Arizona assets, a transformational step for us in Arizona. This transaction is highly accretive and strategically enhances our market position, increasing our Ponderosa Dispensary footprint to seven retail locations with broad geographical coverage,” said Michael O’Brien, CEO of Sonoran Roots. “We are excited to continue providing exceptional cannabis products and experiences to customers in these locations.”
The transaction is expected to close in the first quarter of 2025.
