Michigan marijuana company buys 11 stores from in-state competitor

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Stash Ventures, a vertically integrated marijuana company in Mount Pleasant, Michigan, acquired 11 stores from Cloud Cannabis Co. in Troy.

The financial terms of the deal were not disclosed.

Under the deal, which closed in January, Stash takes over stores in Ann Arbor, Cedar Springs, Detroit, Gaylord, Grand Rapids, Kalamazoo, Muskegon, New Baltimore, Traverse City and Utica, according to a news release from  Stash Ventures..

The stores will continue to operate under the Cloud Cannabis name to preserve the brand’s “already well-established market position,” Stash Ventures said in statement.

Stash already operates three Timber Cannabis Co. outlets in the Michigan towns of Mount Pleasant, Owosso and Sturgis as well as a grow and processing operation in Sturgis, according to the news release.

“Growing our investment in the state of Michigan is important to us, and we’re proud to be able to do this with such a well-established brand like Cloud Cannabis,” Scott Moorehead, CEO of Stash Ventures, said in a statement.

Moorehead added that it will be easier for Stash to expand its own cannabis product lines, such as High Minded Creations, with more of its own retail stores.

Cloud Cannabis will keep its own cultivation and processing operations under terms of the deal.