Columbia Care Inc., a publicly traded marijuana corporation based in New York, has completed a transaction to buy Medicine Man dispensaries in Colorado.

The acquisition package, announced in June, is valued at $42 million, according to the two parties, with $8.4 million paid in cash and the remaining $33.6 million in Columbia Care stock; 2021 performance milestones could increase the compensation.

Medicine Man, which has a network of four stores in Aurora, Denver, Longmont and Thornton, as well as a 32,000-square-foot growing operation in the Denver area, was founded in 2009 as a Denver medical marijuana dispensary by the brother-sister trio of Andy Williams, Pete Williams and Sally Vander Veer.

“This marks the next step in the evolution of Medicine Man, from an ambitious family-run company to part of a best-in-class operation,” Vander Veer says in a statement. “Our focus now turns to executing their vision and bringing as much value as possible to the Columbia Care operation.”

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