Vireo Health International Inc. (CSE: VREO), a multi-state operator, recently announced its acquisition of Red Barn, a Gallup, New Mexico-based medical cannabis company. Red Barn is a medical cannabis license holder and operates two medical cannabis dispensaries located in Santa Fe and Gallup. The company also operates a cultivation and processing facility in Gallup.
Red Barn was acquired for $4 million, according to Vireo COO Ari Hoffnung and was confirmed by Red Barn Executive Director Brett Baker. Hoffnung also stated that Vireo closed a similar deal with an Arizona-based firm around the same time.
"Vireo Health is excited to expand our operations into New Mexico's well-established medical cannabis market," said Chief Executive Officer, Kyle Kingsley, M.D. "Red Barn is a well-respected operator in New Mexico's medical cannabis program, which has earned the trust of consumers. We look forward to welcoming Red Barn into the Vireo Family. Together, we will create best-in-class products and continue to provide patients with compassionate care."
The deal was made possible through a combination of cash and stocks. This would be Vireo’s second acquisition since trading on the Canadian Securities Exchange (CSE). Minnesota based Vireo has over 300 employees and currently operates in eight states, Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, Pennsylvania, and Rhode Island.
About Vireo Health International, Inc.
Vireo Health International, Inc. is America's leading science-focused, multi-state cannabis company. Vireo's physician-led team of more than 300 employees provides best-in-class cannabis products and customer experience. Vireo cultivates cannabis in environmentally-friendly greenhouses, manufactures pharmaceutical-grade cannabis extracts, and sells its products at both company-owned and third-party dispensaries.
The Company currently has operations in eight states including Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, Pennsylvania, and Rhode Island. For more information about the company, please visit www.vireohealth.com.
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