Cannabis multistate operator Vireo Growth last month agreed to acquire retailer and delivery platform Eaze, the onetime “Uber of weed,” in a $47 million all-stock deal.
While the comparatively low acquisition price surprised some investors, others saw it as a sign of increased merger and acquisition activity to come following President Donald Trump’s executive order reclassifying cannabis as a less dangerous drug – as well as a signal that investors have confidence in large, mature markets like California.
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According to a Dec. 22 news release from Minneapolis-based Vireo, the acquisition gives the MSO an additional 65 retail locations, a delivery infrastructure that has completed more than 12 million orders, and retail presences in Florida and California, two of the largest U.S. cannabis markets.
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