Vireo Growth announced that it has completed its previously announced acquisition of all of the issued and outstanding limited liability company membership interests of FarmX, d/b/a PhytoNatural, jointly with Vive Penn, a joint venture between the company and Hive Holdings.
The acquisition includes a non-operational Pennsylvania medical cannabis retail permit that, subject to applicable regulatory approvals, authorizes the operation of up to six dispensaries in the Commonwealth.
Total consideration for the PhytoNatural Transaction was $20.0 million, consisting of $8.0 million paid in cash by Vive at closing and approximately $12.0 million payable through the issuance of approximately 645,161 Vireo subordinate voting shares at a deemed issue price of $18.60 per share, to be issued two years following the closing date, in accordance with the terms of the SPA.
