AZ Marijuana Arizona Marijuana Info
iAnthus, which owns and operates regulated cannabis operations across the United States, announced that it entered its Arizona assets into purchase agreements with Arizona-based Sonoran Roots, to sell three dispensaries (Health For Life dispensaries) and two processing/cultivation facilities in Arizona for aggregate consideration of approximately $36.5 million.
The transaction includes two dispensaries and a processing facility and a cultivation/processing facility located in Mesa, Arizona, as well as one dispensary located in Phoenix, Arizona. The sale will allow iAnthus to redirect resources to its growth initiatives in Florida, Maryland, New Jersey, Massachusetts and New York while still maintaining a retail presence in Arizona with its Health For Life dispensary in Mesa.
“We are thrilled to announce the acquisition of select iAnthus Arizona assets, a transformational step for us in Arizona,” said Michael O’Brien, CEO of Sonoran Roots. “This transaction is highly accretive and strategically enhances our market position, increasing our Ponderosa Dispensary footprint to seven retail locations with broad geographical coverage. We are excited to continue providing exceptional cannabis products and experiences to customers in these locations.”
The purchase price for the assets is approximately $36.5 million and will consist of approximately $20 million of cash payable at closing, subject to certain adjustments, and a secured promissory note to be issued by Sonoran Roots in the principal amount of $16.5 million.
