Second licensed medical marijuana company in Minnesota sold to national consolidator

The Star Tribune writes…

Goodness Growth was bought by Verano Holdings, which said the company’s New York license was key to the deal.

A cannabis industry consolidator will buy Goodness Growth Holdings, a Minneapolis-based firm that has struggled financially but holds licenses in some key states, in a $413 million stock transaction that is valued at $2.39 per share.

Verano Holdings and Goodness Growth, formerly Vireo Health, announced the deal Tuesday.

Shares of Goodness Growth rose 42% to $2.34 per share on Tuesday.

Goodness Growth is one of two companies holding an integrated cannabis license in Minnesota. The other, LeafLine Industries, was bought in January by Chicago-based Green Thumb Industries.

Verano, also based in Chicago, said Goodness Growth’s New York license was key to the deal.

“We have always viewed New York as a strategic market to solidify our existing East Coast presence, particularly ahead of the state’s adult-use rollout, as we further expand the Verano platform and exceed a milestone of operating more than 100 dispensaries across the country,” CEO George Archos said in a prepared statement.


Goodness Growth operations include 18 dispensaries; a research and development facility; and five cultivation and processing facilities in Minnesota, New York, Arizona, New Mexico and Maryland.


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