Transaction will improve scale in Maryland’s medical cannabis market by expanding retail dispensary footprint –
– Company expects to transition Charm City Medicus to Green Goods™ retail dispensary brand post-closing –
MINNEAPOLIS, July 9, 2021 /PRNewswire/ — Goodness Growth Holdings, Inc. (“Goodness Growth” or the “Company”) (CSE: GDNS; OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP developer, today announced that its subsidiary, Vireo of Charm City, LLC, has signed a definitive agreement to purchase all substantial assets of Charm City Medicus, LLC, a medical cannabis dispensary located in Baltimore, Maryland.
“We are very pleased to be expanding our retail market share in Maryland’s medical cannabis market and look forward to introducing our Green Goods™ dispensary brand to the Baltimore area,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “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. We also plan to leverage this new location to support engagement activities in the local community through our expungement clinics and other social events.”
The Company expects the transaction to close later this year, pending approval of the dispensary license transfer by the Maryland Medical Cannabis Commission. The Company expects total consideration for the transaction at closing of US $8.0 million, including $4.0 million in cash, $2.0 million in Goodness Growth stock, and a $2.0 million promissory note issued to the seller. Goodness Growth shares issued in conjunction with the transaction will be subject to a one-year lock-up agreement. Upon closing of the transaction, the Company expects to transition Charm City to the Green Goods™ brand of retail dispensaries.
About Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company’s operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, and its science and intellectual property developer, Resurgent Biosciences. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods™ and other retail locations and third-party dispensaries. Its teams of more than 500 employees are focused on the development of differentiated products, driving scientific innovation of plant-based medicines, and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in eight markets and operates 17 dispensaries across the United States. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com.
