NJ Cannabis Media -
January 10, 2019

Acreage enters Florida medical market

Written by Marc Schwarz
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Acreage Holdings, Inc., which is a partner with Egg Harbor Township’s Compassionate Care Foundation, has closed the acquisition of Florida-based Nature’s Way Nursery of Miami, Inc. for $67 million.

Acreage is the largest vertically integrated, multi-state owner of cannabis licenses (19) and assets in the U.S. with respect to the number of states in which it is licensed to operate.

Nature’s Way was awarded a vertically integrated operating license last summer and will operate the business as Green Owl Pharms, the name under which it was awarded the operating license.

The previously disclosed transaction paves the way for Acreage to bring cannabis products to Florida residents throughout the state. As of December 28, 2018, there were more than 209,000 total cannabis patients in Florida, according to the Florida Department of Health Office of Medical Marijuana Use.

Nature’s Way holds a vertically integrated operating license to operate a cultivation and processing facility as well as up to 30 medical cannabis dispensaries, which Acreage anticipates will carry The Botanist retail banner and soon-to-launch cannabis products. Acreage anticipates that it will invest significant financial capital throughout Florida to build out its cultivation and retail operations.

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