Minneapolis-based cannabis multistate operator Vireo Growth is acquiring fellow MSO Planet 13 Holdings in an all-stock merger, extending one of the cannabis industry’s most aggressive buying sprees.
The deal adds 36 dispensaries across three states to Vireo’s portfolio.
What does Vireo get in the deal?
“Planet 13 represents another significant milestone of our disciplined growth strategy,” Vireo CEO John Mazarakis said in a statement. “These assets will deepen our existing footprint in Nevada and Florida while complementing our developing platform in Illinois.”
In Nevada, Vireo picks up Planet 13’s flagship Las Vegas superstore, a second dispensary, a distribution license and a cannabis consumption lounge.
In Florida, the deal adds 33 dispensaries and two cultivation and production facilities. In Illinois, it gets a single dispensary.
After the deal closes, Vireo expects to operate about 265 retail stores and dispensaries across 15 states, positioning it as one of the largest U.S. cannabis operators by store count.
Under terms of the agreement, each Planet 13 share will convert into 0.015383618 of a Vireo subordinate voting share, Vireo announced in a news release Tuesday.
The price is a 16.6% premium over Planet 13’s 20-day volume-weighted average price as of July 24 and a 24% premium over its closing price that day.
The transaction requires Planet 13 stockholder approval, a Form S-4 registration statement, Canadian Securities Exchange listing approval and cannabis regulatory clearances.
The agreement includes a $1.8 million termination fee payable by Planet 13 under certain conditions.
What else has Vireo acquired recently?
Vireo’s recent acquisition streak includes:
- Schwazze (October): an 86% stake in the Colorado-based operator, acquired through its convertible notes for $62 million following a default
- PharmaCann Colorado assets (December): 17 dispensaries in Colorado for $49 million in stock
- Eaze (January): 65 retail locations across California and Florida, plus a delivery platform, in a $47 million all-stock deal
- Fluent (April): 74 medical marijuana dispensaries in Florida in a stock-for-debt transaction
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The run began in late 2024 with the purchase of four single-state operators: Deep Roots Harvest in Nevada, The Flowery in Florida, Proper Brands in Missouri and WholesomeCo Cannabis in Utah.
Vireo reported 2025 revenue of $268.7 million, up more than 250% year over year.
