Multistate cannabis firm expands into Massachusetts with $30 million-plus deal

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Chicago-based, multistate marijuana operator Verano Holdings announced it is moving into another state through the acquisition of a Massachusetts marijuana business.

Verano said in a news release it has acquired 100% of Four Daughters Compassionate Care of Sharon, subject to review by Massachusetts regulators.

Verano would not disclose the exact purchase price but said the transaction is valued north of $30 million.

The acquisition includes:
  • A medical marijuana cultivation and processing facility under construction in Sharon as well as a dispensary under renovation there.
  • Local approval of recreational MJ facilities in Sharon.
  • Real estate and community agreements in Plymouth, Massachusetts, for an adult-use retail store.
  • Real estate and community agreements in Halifax, Massachusetts, for a 180,000-square-foot cultivation greenhouse and a 20,000-square-foot processing facility.

The cultivation facilities will operate under the Verano brand and the dispensaries under the Zen Leaf brand, the company said.

Verano has stakes in 10 operating facilities in Florida, Illinois, Maryland and Nevada, plus more than 45 licenses under development in Florida, Maryland, Michigan, Ohio and Puerto Rico.