Green Growth Brands has executed an arm’s length definitive agreement to acquire control of Desert Rose dispensary in North Phoenix, which holds a license for a vertically-integrated operation in Arizona, including retail, cultivation and an infusion kitchen.
As consideration for the membership interests, Green Growth Brands announced will pay an aggregate purchase price of $12,350,000 in cash.
“The retail operations at Desert Rose fits our stated strategy of favoring large sales volume with high-productivity assets,” said CEO of GGB, Peter Horvath. “Our vision of Green Growth Brands is to be a multi-state operator with stores averaging USD$15 million to USD$20 million in annual sales, driven by per square foot sales in excess of USD$10,000. This is what our first assets in Nevada and this store in Arizona have achieved.”
Desert Rose dispensary is located on the corner of 7th Ave and Happy Valley Road in North Phoenix and was founded in August 2016. It has grown to serve nearly 400 patients daily.
AP Photo/Richard Vogel