MINNEAPOLIS and LONG BEACH, Calif. — Vireo Growth Inc. and Glass House Brands Inc. formed a joint venture to build one of California’s largest cannabis retail platforms. Following regulatory and certain closing conditions, each company will contribute its California dispensary operations to the joint entity in exchange for a 50% ownership interest.
Vireo operates twelve dispensaries and home delivery operations recently acquired from Eaze Inc., which will extend distribution into areas with limited retail access. Glass House currently operates eleven California retail locations. The combined network will be supported by a preferential supply agreement with Glass House’s production division.
After five years, Vireo will have the option to acquire Glass House’s equity interest in the joint venture, and Glass House will have a reciprocal put right.
Cory Azzalino, Vireo’s president for California, has been appointed CEO of the joint venture, where he will oversee operations and lead the platform’s retail acquisition and expansion strategy.
