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Multistate operator Standard Wellness Holdings has acquired a medical marijuana dispensary in Springville, Utah in a deal that yielded $6.5 million for seller The Cannabist Co.
The acquired Cannabist store is being operated under Standard Wellness’ retail brand, The Forest.
Cleveland-based Standard Wellness said in a news release the acquisition involved cash and a seller note but did not reveal the deal’s value.
However, The Cannabist recently disclosed it had divested its Utah license and retail store in Springville for gross proceeds of roughly $6.5 million.
That figure included $3.9 million in cash and a $2.6 million seller note payable “not later than July 2025,” according to the latest annual report from The Cannabist, formerly called Columbia Care.
The deal closed March 7, according to The Cannabist’s regulatory filing.
Privately held Standard Wellness said the acquisition makes it vertically integrated in Utah.
“Within the next 24 months, we expect to open five new dispensaries in Ohio, acquire dispensaries in Missouri, and further expand our retail footprint in Utah with additional acquisitions,” Standard Wellness CEO Jared Maloof said in a statement.
Standard Wellness was one the first eight companies chosen to receive for MMJ cultivation licenses in Utah in 2019.
Utah medical cannabis sales launched in March 2020.
In addition to operating in Ohio, Missouri and Utah, Standard Wellness said it has “licenses to cultivate, process, and dispense in the state of Maryland.”
Solomon Israel can be reached at solomon.israel@mjbizdaily.com.
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