On December 18, 2024, Vireo Growth Inc. entered into definitive agreements to acquire Proper Brands, a single-state operator in Missouri, Deep Roots Harvest, a single-state operator in Nevada, and WholesomeCo Cannabis, a single-state operator in Utah, while also signing a binding memorandum of understanding to acquire The Flowery, a single-state operator in Florida.
The merger transactions for total consideration of approximately US$397 million are expected to be effected by way of a series of all-stock transactions, which will require certain shareholder and regulatory approvals. Closing is subject to the approval of holders of a majority of Vireo’s voting shares, which Vireo intends to obtain by way of written consent.
Cassels is acting for Proper Brands and Deep Roots Harvest.