LivWell Enlightened Health, one of Colorado’s largest vertically integrated recreational marijuana businesses, has agreed to an acquisition offer from a privately held cannabis company in Illinois.
Chicago-based PharmaCann Inc. just announced that it will take ownership of LivWell Holdings Inc.,
the parent company of LivWell dispensaries and supplying cultivations in Colorado and Michigan, pending state and local regulatory approval.
Financial terms of the deal weren’t shared in the merger announcement. According to PharmaCann, it’s “anticipated” that LivWell founder and CEO John Lord will join PharmaCann’s board of directors after the deal closes.
Lord, a native of New Zealand who’d made and sold car-safety seats, founded LivWell in 2009 as a single medical marijuana dispensary in Denver. But LivWell expanded quickly once recreational sales began in Colorado on January 1, 2014, winning dispensary licenses across the state and acquiring competing chains and lines of production. After LivWell opened a new store in Denver in September, the company’s 21 outposts gave it the most of any dispensary chain in Colorado.
LivWell also owns a production facility and dispensary under construction in Michigan, which PharmaCann will take over, according to the announcement.
“We are excited for this partnership with a stalwart of the U.S. cannabis industry,” Lord says in a statement on the deal. “PharmaCann’s undeniable financial expertise and LivWell’s proven operational leadership makes this merger the perfect combination to further the patient and customer experience on an expanding national level.” [Read More @ Westword]
The post Colorado’s Largest Dispensary Chain Acquired by Chicago Marijuana Firm appeared first on Cannabis Business Executive - Cannabis and Marijuana industry news.
Copyright
© Cannabis Business Executive
