Vireo Health International has closed the purchase of four medical cannabis licenses in the state of Nevada. The licenses allow for the cultivation and production of cannabis products for both medical and adult-use.
Chairman and Chief Executive Officer, Dr. Kyle Kingsley commented, "We've been looking forward to the addition of these Nevada licenses to our portfolio of cannabis assets since this transaction was announced, and we've already identified several paths toward monetizing the substantial opportunities we see to serve Nevada's attractive adult-use and medical markets."
Dr. Kingsley continued, "The existing 4,950 square feet structure is ready to begin production in the near future, and we expect to begin development of up to ten acres of additional indoor and outdoor cultivation over the course of the next year which will enable us to serve the Nevada market as a low-cost supplier of premium products."
This transaction was previously disclosed in March of 2019 and was subject to regulatory approval and transfer of ownership, which approval was obtained on October 20, 2020. The licenses are approved for both medical and adult-use cannabis and will enable Vireo to begin cultivating, manufacturing, and wholesaling cannabis products to Nevada's licensed dispensary operators.
For more information:
Vireo Health
[email protected]
vireohealth.com