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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