California marijuana company buys fourth retail store for $16 million

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Grupo Flor, a vertically integrated marijuana company based in Salinas, California, spent $16 million to acquire the White Fire cannabis store in San Jose and expand its portfolio.

Grupo Flor, founded in 2015, already owns two dispensaries operating as East of Eden in Salinas and Moss Hill and plans to open another store, under the Flor name, in Union City.

The company plans to open an additional White Fire outlet in Prunedale before the third quarter of 2021, according to a news release.

Grupo Flor also expanded its board of directors, adding Darren Dykstra, who founded the company in 2015, and Sean Kali-rai, who is founder of the Silicon Valley Cannabis Alliance and a registered state lobbyist.

The company made news in late 2020 when it stepped in to try to keep afloat famed California cannabis business Magnolia Wellness.

Grupo Flor took over oversight of Magnolia, which was struggling financially after damage incurred during rioting and looting in the aftermath of the killing of George Floyd.