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Missouri-based cannabis company, Proper Brands, joins Vireo Growth Inc. in a $397 million merger announced Dec. 19.
The merger is comprised of a series of all-stock transactions, supported by a $75 million equity financing raise by Vireo, according to a Dec. 19 company press release. Proper will retain its market presence in Missouri as well as its flower and edibles brands. Vireo’s footprint will expand to seven states.
On top of Proper Brands in Missouri, the merger includes Deep Roots Harvest in Nevada and WholesomeCo Cannabis in Utah, according to the release. The newly merged company will operate in seven states, have nine facilities, 48 dispensaries and more than 1 million square feet of cultivation and manufacturing space.
“This merger brings together the best local operators who share our values and passion,” John Pennington, founder and chief executive officer of Proper, said in the release. “While this is a new chapter, our commitment to serving Missouri customers, employees and communities remains our top priority.”
St. Louis-based Proper is a vertically integrated cannabis company, with production facilities and dispensaries across the state. While the company does not have a dispensary in the Springfield region, Proper products are sold at a number of Queen City dispensaries, including Terrabis Co., Greenlight Dispensary and more.
The merger is indicative of a consolidation wave of the cannabis industry across the U.S., even as marijuana remains illegal under federal law. The consolidation trend is reflective even in Springfield’s market, with Ozarks-based Flora Farms buying out a competitor in September 2024.
“}]] Proper will retain its market presence in Missouri as well as its flower and edibles brands. Vireo’s footprint will expand to seven states. Read More
