Story Cannabis Co. acquires four-store chain in Arizona

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Multistate operator Story Cannabis Co. acquired four vertically integrated marijuana licenses in Arizona from Devi Holdings.

The licenses were previously branded under the name Nature’s Medicines, according to a news release.

A spokesperson for the privately held company declined to share the purchase price with MJBizDaily.

The acquisitions include:

  • Two locations in Phoenix.
  • One location in Tolleson.
  • One location in Glendale.

All are currently operational, and Story now has 11 retail locations and two cultivation facilities in the state.

Story also operates in Maryland and Ohio and has plans to expand beyond those states.

Story is led by CEO Jason Vedadi and Chief Operating Officer Joe Sai, who both previously worked at Harvest Health & Recreation, which was acquired by Florida-based Trulieve Cannabis in 2021.

“Our core strategy is to build our portfolio quickly and efficiently across multiple states in order to successfully serve consumers while staying true to cannabis culture,” Vedadi said in a statement.

In January, Devi Holdings agreed to sell its Maryland assets to New York-based marijuana multistate operator Ascend Wellness in a cash-and-stock deal worth $19 million.