Vireo Growth today announced the closing of its previously announced indirect acquisition of M3 Wellness, a dispensary located in Hawthorne, Nevada, from M3 Wellness.
The total consideration for the transaction was $500,000, $290,000 of which was settled in cash on the closing date, with the remaining $210,000 balance satisfied by the issuance of 13,888 subordinate voting shares of Vireo, at a deemed issue price per share of $15.12.
The small deal comes after an extended flurry of M&A for Vireo, which said it will become the largest U.S. cannabis operator by dispensary count with approximately 270 dispensaries, and among the largest U.S. cannabis companies by revenue.
Trulieve, one of the largest multi-state operators in the U.S. cannabis industry, currently operates 207 dispensaries. Curaleaf, which is considering a take-over offer for Aurora Cannabis, currently operates 176 dispensaries.
During the second quarter, Vireo closed acquisition deals with Hawthorne, Eaze and Bridgewell and announced the FLUENT and C21 acquisitions. The company also recently closed the PharmaCann acquisition, announced a purchase agreement to acquire select Cannabist assets, announced a merger agreement with Planet 13 and announced a four-deal transaction through securities purchase agreements to establish a fully-built vertical operation in Ohio, its 15th state.
