Illinois-based cannabis multistate operator Verano Holdings said it is spending $29 million to acquire Sierra Well, a vertically integrated marijuana company in Nevada with two retail outlets plus production and cultivation facilities.
According to a news release, the deal includes $5.6 million in cash and 1.5 million shares.
In the deal, Verano is getting 11 cannabis licenses in Nevada:
- Two for medical marijuana cultivation.
- Two for MMJ dispensaries.
- Two for adult-use cultivation.
- Two for adult-use stores.
- One for MMJ production.
- One for adult-use product manufacturing.
- One for adult-use distribution.
The two retail stores are located in Carson City and Reno.
“Following completion of this accretive transaction, Nevada will become a core market for us,” George Archos, Verano’s founder and CEO, said in the release.
“We are pleased to strategically expand our distribution in Nevada while partnering with a like-minded ownership group that has built a profitable business through sound operational management.”
Verano has been awarded licenses in 14 markets and is operational in 11 states.