Sol Global, a Toronto-based investment company focused on the cannabis industry, agreed to acquire Michigan-based MCP Wellness, which has licenses to operate retail and cultivation centers in the state.

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The acquisition of MCP Wellness, which is owned by private equity group Merida Capital Partners, is valued at $150 million.

MCP holds licenses to operate two Michigan cultivation centers and a license to process marijuana. It already runs three retail stores in the state, with a fourth scheduled to open in Ann Arbor in May.

Sol Global, formerly known as  Scythian Biosciences Corp., trades on the Canadian Securities Exchange under the ticker symbol SOL.

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