Acreage to buy Nevada cannabis company Deep Roots for $120 million

Ranks of women, minority cannabis execs rebound to pre-pandemic levels, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

On the same day it announced it was being acquired by Canada’s Canopy Growth in a groundbreaking deal, New York-based marijuana firm Acreage Holdings unveiled it is buying Deep Roots, a vertically integrated cannabis company based in Nevada.

The $120 million deal was secured through Acreage subsidiary High Street Capital Partners.

Once all its current M&A activity is approved, Acreage – which trades on the Canadian Securities Exchange as ACRG.U – will operate in 20 states.

Deep Roots owns a cultivation facility in Mesquite, Nevada, where it also has manufacturing and processing operations.

In addition, the company has a wholesale distribution business that serves 80% of Nevada and possesses licenses to run seven dispensaries in the state – one of which is currently operating in Mesquite.

To read more details about Acreage’s acquisition of Deep Roots, click here.

Get access to more in-depth market analysis, premium features on cannabis investing trends and monthly executive webcasts with an Investor Intelligence subscription.