Goodness Growth to Sell Phoenix Dispensary to Copperstate Farms… – New Cannabis Ventures
Goodness Growth Holdings Announces Planned Divestiture of Arizona Dispensary License
Company will maintain focus on wholesale channel as a low-cost producer of biomass
MINNEAPOLIS, Nov. 2, 2021 /PRNewswire/ — Goodness Growth Holdings, Inc. (“Goodness Growth”) (CSE: GDNS; OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP developer, today announced that its subsidiary, Vireo Health of Arizona, LLC (“Company”), has reached a definitive agreement with Copperstate Farms, LLC (“Copperstate”), to sell its dispensary license, all remaining inventory and equipment at its Phoenix dispensary, the Phoenix dispensary property lease and all revenue producing contracts in an all-cash transaction valued at $15.0 million. The Company expects the transaction to close later this year, pending regulatory approval.
“For the past several months there has been significant interest on behalf of larger vertically-integrated operators to acquire our Phoenix dispensary,” said Chairman & Chief Executive Officer, Kyle Kingsley, M.D. “Given our presence as a predominantly wholesale supplier of biomass in the Arizona market, our management team and board of directors felt that this transaction simplified our business during a period in which we’re prioritizing resources toward the attractive opportunities we