Ohio-based medical marijuana company Green Growth Brands is moving into Florida through a $54.65 million agreement to acquire Spring Oaks Greenhouses, an MMJ company based in the state.
The acquisition, expected to close in August, would allow Green Growth to operate up to 35 dispensaries in Florida’s sizable medical cannabis market.
Green Growth also announced the termination of an agreement to acquire Arizona-based Desert Rose.
“Desert Rose is a well-run operation,” Green Growth Brands CEO Peter Horvath said in a news release. “However, we have made the strategic decision to turn our focus to Florida, where we believe we can grow our presence and brand recognition across the state at scale.”
More details on the Green Growth-Spring Oaks transaction can be found here.
Green Growth trades on the Canadian Securities Exchange under the ticker symbol GGB.