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Baltimore-based medical cannabis dispensary bought for $8M

Goodness Growth Holdings Inc., a physician-led, science-focused cannabis company and IP developer in Minneapolis, announced Monday that its subsidiary, Vireo of Charm City LLC, successfully completed the previously disclosed purchase of all substantial assets of Charm City Medicus LLC, a medical cannabis dispensary in Baltimore, for $8 million.

The transaction was finalized Nov. 19.

The transaction was completed after the Maryland Medical Cannabis Commission granted final approval of the transfer of the medical cannabis dispensary license. The dispensary will be rebranded to Green Goods Baltimore to align the location with the Company’s national retail dispensary brand, Green Goods. Goodness Growth now operates 18 dispensaries across the country.

The total consideration for the transaction at closing included $4 million in cash, $2 million in Goodness Growth stock and a $2 million promissory note issued to the seller. Goodness Growth shares issued in conjunction with the transaction are subject to a one-year lock-up agreement.