Arizona vertically integrated marijuana company Copperstate Farms Management is paying $15 million to buy Green Goods, a licensed retail location in Phoenix, from Goodness Growth Holdings.
Phoenix-based Copperstate did not specify how the $15 million price would be paid to Goodness Growth, a multistate operator headquartered in Minneapolis.
The deal will give Copperstate a total of five retail outlets in Arizona under its Sol Flower retail brand, including a “multi-use dispensary concept” in Sun City, two locations in Tempe and a store in Scottsdale, according to a news release.
“Our goal is to be the leading cannabis brand in Arizona, one that is recognized not only for our expansive cultivation, but also our award-winning brands and inviting dispensary environments,” Copperstate Chief Financial Officer Brad Kotansky said in a statement.
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Copperstate operates a greenhouse in Snowflake, Arizona, that it plans to expand and is building a manufacturing facility in Tempe.
The 2021 MJBiz Facebook projects adult-use sales in Arizona will total $250 million-$300 million this year and will grow to $1.3 billion-$1.5 billion in 2025.