Vireo Growth said it's acquiring Planet 13 in a move that will further expand the growing footprint of the M&A-happy multi-state cannabis operator.
Upon closing, Vireo will take ownership of assets across three markets:
- Nevada: Adds Planet 13's flagship Las Vegas superstore, one additional dispensary, approximately 45,000 square feet of active cultivation and production capacity, and approximately 2.3 million square feet of expandable cultivation and production facilities. On a pro forma basis, including all previously announced Nevada transactions, Vireo is expected to operate approximately 17 dispensaries and approximately 150,000 square feet of active cultivation and production capacity in Nevada. The transaction also includes a distribution license and a cannabis consumption license.
- Florida: Adds approximately 33 dispensaries and two cultivation and production facilities totaling more than 76,000 square feet. On a pro forma basis, Vireo is expected to operate approximately 106 dispensaries and approximately 329,000 square feet of cultivation and production capacity in Florida, making Vireo the second-largest dispensary network in the state.
- Illinois: Adds to Vireo's expected pending presence in Illinois, a limited license state, through the acquisition of a dispensary in Waukegan.
In total, the transaction is expected to add 36 dispensaries, three active cultivation and production assets, expansion capabilities of up to 2.3 million square feet of cultivation and production in Nevada, a distribution license, and a cannabis consumption lounge license, and to significantly enhance Vireo’s operating scale in two key markets, Nevada and Florida, while strengthening its pending initial platform in Illinois.
Following completion of all previously announced and pending acquisitions, Vireo is expected to operate approximately 265 dispensaries across 15 states, with additional retail licenses providing future expansion opportunities, creating one of the industry's broadest and deepest retail footprints and positioning Vireo as the largest U.S. cannabis operator by dispensary count.
For Vireo, the deal continues its recent M&A streak including deals with Cannabis, Fluent, C21, Hawthorne, Pharmacann, Schwazze and Glass House.
