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Vireo Growth Inc. Completes Acquisition of Pennsylvania Dispensary License Transaction

VREOF
  • Vireo Growth Inc. completed its acquisition of FarmX, LLC d/b/a PhytoNatural through a joint venture with Vive Penn, LLC.
  • The deal includes a non-operational Pennsylvania medical cannabis retail permit authorizing up to six dispensaries pending regulatory approvals.
  • Total consideration for the transaction was $20.0 million.
  • Vive paid $8.0 million in cash at closing.
  • Approximately $12.0 million is payable via the issuance of 645,161 Vireo subordinate voting shares at a deemed price of $18.60 per share.
  • The shares representing the deferred payment will be issued two years after the closing date.
  • Vireo operates across 10 states with over 170 dispensaries, focusing on vertically integrated cannabis & agricultural markets.