Goodness Growth Bolsters Footprint In Maryland With $8 Million Cannabis Dispensary Acquisition

Goodness Growth Holdings, Inc. GDNS GDNSF is purchasing a Maryland-based medical cannabis dispensary for $8 million.

The Minneapolis company reported Friday that its subsidiary, Vireo of Charm City, LLC, inked a definitive agreement to acquire Charm City Medicus, LLC, located in Baltimore.

The price tag includes $4 million in cash, $2 million Goodness Growth’s stock and a $2 million promissory note issued to the seller.

The transaction, which is subject to Maryland Medical Cannabis Commission’s approval, is expected to close later this year, the company disclosed.

Upon closing, Goodness Growth will transfer Charm City to the Green Goods brand of retail dispensaries.

The company plans to “leverage this new location to support engagement activities in the local community through our expungement clinics and other social events,” Kyle Kingsley, M.D, the company’s chairman and CEO, said Friday.

“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,” Kingsley continued.

Goodness Growth recently changed its name from Vireo Health International Inc. VREOF and began trading under the GDNS symbol on the CSE and GDNSF on the OTCQX on June 8.

Over the past several months, the company has been expanding its cultivation facilities in Arizona and Maryland after securing some $23.5 million in financing through a credit facility with a Green Ivy Capital affiliate in March.

“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,” Kingsley said.

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