Vireo Health International (OTCMKTS:VREOF) said it has acquired four entities which manage the medical cannabis business of license-holder Arizona Natural Remedies (ANR).
The deal includes a cultivation and processing facility in Amado, a wholesale business that distributes products to third-party dispensaries throughout the state, and a dispensary in Phoenix.
“ANR is a recognized leader in all-natural, organic, and pesticide-free cultivation and has done a tremendous job of building consumer trust and loyalty at their Phoenix dispensary,” Kyle Kingsley, the CEO of Vireo Health, said in a statement.
The company did not disclose financial terms.
Vireo noted that it financed the acquisition through a combination of cash and stock. It is the company’s first acquisition since it began trading on the Canadian Securities Exchange under the ticker symbol “VREO.”
Following the acquisition, Vireo now has more than 300 employees across operations in seven states including Arizona, Maryland, Minnesota, New York, Ohio, Pennsylvania, and Rhode Island.
Arizona is one of the largest medical cannabis markets in the U.S. In February 2019, there were 191,683 active qualifying patients enrolled in the state’s medical cannabis program, according to the Arizona Department of Health Services.