Goodness Growth Holdings Acquires Maryland Medical Cannabis Dispensary

Goodness Growth Holdings Acquires Maryland Medical Cannabis Dispensary

Goodness Growth Holdings, a multistate cannabis business, announced an $8 million deal to acquire Charm City Medicus, a medical marijuana dispensary in Baltimore. The agreement includes $4 million in cash, $2 million in Goodness Growth shares subject to a one-year lock-up agreement, and a $2 million promissory note. As the deal closes, the shop will be rebranded to Goodness’ “Green Goods” dispensary brand, as told by the company in a news release.

Goodness Growth Holdings was recently rebranded by the parent company of Minneapolis-based, multistate cannabis operator Vireo Health International, which was announced sometime in June. Kyle Kingsley, Goodness Growth chair and CEO said in a statement that, “With our recent initiatives to expand cultivation and processing capacity in Maryland, we’re in an excellent position to continue growing our wholesale and retail sales in the state as our manufacturing capabilities enable us to offer the full spectrum of cannabis products to patients.”

With a merger like this, there’s no telling how far Goodness Growth could take the business venture… maybe we’ll see a “Green Goods” smoke shop collaboration later on down the road.

The acquisition is subject to a license transfer approval by Maryland cannabis regulators, but expects to close “later this year.” Even though regulated medical marijuana sales in Maryland hit the $1 billion mark in December of 2017; the efforts toward marijuana reform are lacking somewhat with the push for adult-use cannabis legalization failing in March (although lawmakers are intending for another attempt in 2022). This merger has the ability to set the tone for moving towards recreational use in Maryland.

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