MINNEAPOLIS — Vireo Growth Inc. and Vive Penn LLC signed a securities purchase agreement (SPA) to acquire FarmX LLC, which does business as PhytoNatural. The acquisition’s primary asset would be a non-operational retail permit allowing Vive to open as many as six retail stores in Pennsylvania (subject to regulatory approval).
Total consideration for the acquired licenses is approximately $20.0 million, with $8.0 million payable by Vive in cash at closing and the remaining $12.0 million payable through the issuance of approximately 645,161 subordinate voting shares of Vireo, to be issued two years following the closing date.
The transaction is expected to close two business days following the date the parties satisfy all conditions precedent to the SPA, including the receipt of all required regulatory approvals.
Vive is a joint venture between Vireo Growth and Hive Holdings Inc.
