Acreage Holdings ACRZF, one of the largest vertically integrated cannabis companies in the U.S., is expanding into Michigan and announced the acquisition of Michigan-based Blue Tire Holdings' real estate assets.
Acreage Holdings said in a press release that buying Blue Tire Holdings' property portfolio allows it to enter the cannabis space in Michigan. It will have access to dipensaries in key cities in the state, including Detroit, Bay City, Battle Creek, Lansing and Ann Arbor.
The acquired assets include a 55,000-square-foot facility in Flint. The company's operations in the state will be led by a a team from both companies, including Blue Tire's Chief Medical Officer Dr. Saqib Nakadar, who is also on the Michigan Medical Marijuana Advisory Panel.
Why It's Important
Acreage already has a presence in 18 states. Its move into Michigan comes weeks after the state voted in favor of legalization of recreational marijuana in the November midterm election. The state's marijuana legalization is expected to take effect in December, and many companies are getting a head start.
Acreage Holdings said it will collaborate with Blue Tire on the acquisition of cannabis operating licenses in Michigan.
"Acreage will invest significant financial capital in Michigan to build out existing operations and hopes to acquire additional dispensary options over the next few years," the company said in the Monday announcement.
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