Cannabis multistate operator PharmaCann is selling some of its Colorado retail assets to Minnesota-based Vireo Growth Inc. for $49 million, the companies said.
The all-stock deal includes leases for 17 operational dispensaries, licenses, inventory and intellectual property tied to the LivWell brand, according to a PharmaCann news release.
Vireo now a leading Colorado MSO with 41 cannabis stores
The deal is expected to close in the first half of 2026 pending regulatory approvals and will expand Vireo’s footprint in Colorado to 41 cannabis stores.
“We are pleased to announce this transaction which reflects the continuation of our strategy to continue growing our business through accretive M&A,” Vireo CEO John Mazarakis said in a statement.
“This transaction will acquire our other recently acquired assets in Colorado.”
The PharmaCann acquisition continues a buying spree for Vireo.
Vireo received $75 million in equity financing a year ago to acquire four single-state operators: Deep Roots Harvest in Nevada; The Flowery in Florida; Proper Brands in Missouri; and WholesomeCo Cannabis in Utah.
Vireo moving against the crowd with bets on mature marijuana markets
Meanwhile, Vireo’s strategy of investing in mature markets like Colorado contrasts with the trend of MSOs favoring newer, limited-license states.
The company announced in October that it had closed on a deal to buy 86% of struggling MSO Schwazze’s convertible notes for $62 million following a default.
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PharmaCann had acquired the LivWell assets in a deal announced in 2021 that was completed in 2024.
That preceded financial struggles, including rent defaults on nine of PharmaCann’s 11 properties earlier this year.
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