Copperstate Farms acquires Phoenix marijuana retail store for $15 million

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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.

The company acquired its Scottsdale and Tempe locations last year.

“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.