A multistate cannabis operator has closed on three deals worth a total of $110.3 million, which include the acquisition of medical marijuana dispensaries in Allegheny, Butler and Washington counties, saying government support for legalizing recreational use makes Pennsylvania an attractive pace to set up shop.
Chicago-based Verano Holdings Corp. acquired TerraVida Holistic Centers LLC, GVB Holding Group LLC, NSE Pennsylvania LLC and the Healing Center, which included dispensaries in Monroeville, Cranberry and Washington.
The TerraVida acquisition also included three Pennsylvania dispensaries in Sellersville, Abington and Malvern, and the NSE deal came with the authorization needed to open three more stores in Pennsylvania.
Verano, which has a footprint in 14 states, is a vertically integrated cannabis company with its sights on Pennsylvania. The company owns cultivation and processing facilities in nine of the states where it does business.
“Pennsylvania was always going to play a significant role in our plan,” said chief investment officer Aaron Miles. “Pennsylvania was the number one target we had” because of the support of Gov. Tom Wolf and Lt. Gov. John Fetterman for legalizing recreational marijuana.
“This allows us to position ourselves in a market we believe will transition to adult use,” Mr. Miles said.
Previously, Verano acquired Chester County-based Agri-Kind LLC, Agronomed Holdings Inc. and Agronomed Biologics LLC, which collectively will give Verano two cultivation licenses and the permit needed for six additional dispensaries in Pennsylvania.
Agri-Kind is a 62,000-square-foot grower/processor and Agronomed Biologics is a research joint venture between Agronomed Pharmaceuticals LLC and the Healing Center.
Agronomed is also authorized to open a medical marijuana growing and processing facility, as well as six dispensaries for research in partnership with the Drexel University College of Medicine. Separately, the University of Pittsburgh is collaborating with West Palm Beach, Fla.-based Parallel to test cannabis formulations in the treatment of sickle cell and other diseases.
An affiliate of Parallel, one of the biggest privately held cannabis operators in the country, acquired a North Side building on Beaver Avenue in May for $41.8 million for a growing and processing plant. Chewing gum fortune heir William “Beau” Wrigley Jr. is Parallel’s chairman and CEO.
Updated at 6:12 p.m. June 9, 2021
Kris B. Mamula: kmamula@post-gazette.com or 412-263-1699
First Published: June 9, 2021, 9:17 a.m.
