Vireo Acquires Four Medical Cannabis Licenses In Nevada

Cannabis company Vireo Health International Inc. VREO VREOF has bought four medical cannabis licenses in Nevada.

The Minneapolis-based company confirmed Thursday it has closed the purchase of permits that enable the cultivation and production, and wholesale of medical and adult-use cannabis products in dispensaries across the Silver State.

The transaction — previously announced in March 2019 — received all regulatory approvals in October 2020.

"We've been looking forward to the addition of these Nevada licenses to our portfolio of cannabis assets since this transaction was announced, and we've already identified several paths toward monetizing the substantial opportunities we see to serve Nevada's attractive adult-use and medical markets," Vireo chairman and CEO Kyle Kingsley said.

The existing structure, which spans 4,950 square feet, is set to launch production in the near future.

Over the next year, the company intends to commence the development of "up to ten acres of additional indoor and outdoor cultivation," Kingsley added.

In August, Vireo opted to sell its Pennsylvania-based subsidiary to Jushi Holdings Inc. JUSH JUSHF.

Jushi's subsidiary, Jushi Inc., purchased Pennsylvania Medical Solutions LLC for $37 million.

In November, the Boca Raton, Florida-based cannabis and hemp company paid $5 million in cash for another Vireo's subsidiary.

On this occasion, Vireo sold its equity in Pennsylvania Dispensary Solutions LLC.