Vireo Growth today announced the closing of its previously announced acquisition of all of the issued and outstanding partnership interests of Agribusiness Holdings Limited Partnership, including its subsidiary Bridgewell Agribusiness among other subsidiaries.
Vireo also simultaneously announced that it entered into a deal with M3 Wellness for a Nevada dispensary, and that it previously entered into a definitive agreement with HA-MD for an equity interest in its Maryland dispensaries.
Bridgewell is a supplier of organic and non-GMO food and agricultural products to manufacturers. Bridgewell sources, procures and supplies organic and non-GMO agricultural commodities and food ingredients, and acts as an intermediary between agricultural producers and food manufacturers, providing customers with a reliable supply of raw materials and ingredients that meet applicable certification and regulatory standards.
“This transaction represents an important step in the continued evolution of Vireo’s broader supply chain and procurement strategy,” said Vireo CEO John Mazarakis in a statement. “Bridgewell brings deep relationships, procurement expertise, and scalable infrastructure that complement our existing operations and strengthen the ancillary cannabis segment of our business. Together with our recent acquisition of The Hawthorne Gardening Company, and its subsidiaries, we believe this transaction enhances our ability to drive operational efficiencies and create long-term value across our business.”
The aggregate consideration for the Bridgewell Transaction was based on a base purchase price of $40 million, subject to adjustments for assumed indebtedness.
Vireo is paying $500,000 for the M3 Wellness dispensary, located in Hawthorne, Nevada, and an indirect 49% equity interest in Chesapeake Integrated Health Institute, and Maryland Alternative Relief, for $1.55 million.
