Story Cannabis Company has announced the acquisition of four vertically integrated cannabis licenses, currently branded under the name Nature’s Medicines, located in Arizona. The Company acquired the assets from Devi Holdings Inc. Financial terms were not disclosed.
The Company’s newly purchased facilities are currently operating and serving Arizona’s adult-use and medical consumers from two locations in Phoenix, one in Tolleson, and one in Glendale. With the recent additions, the Company’s portfolio in Arizona now includes operations of 11 retail locations and two cultivation facilities.
The latest development, says the Company, is part of its plan to grow quickly through the purchase or expansion of vertically integrated cannabis assets in target states. “The Company prioritizes states that have high-profit margins, steep growth curves, and the expectation of soon-to-be permitted adult-use sales,” it said in a press release.
The acquisition effort was led by Story Cannabis executives and cannabis entrepreneurs, CEO Jason Vedadi, and COO Joe Sai.
Vedadi is the founder of Modern Flower which merged with Harvest Health and Recreation in 2017. He is the former Executive Chairman of Harvest Health and Recreation and former CEO of Oasis Cannabis. Sai is the former COO of Trulieve, and the former Chief of Staff and COO of Harvest Health and Recreation.
“Our core strategy is to build our portfolio quickly and efficiently across multiple states in order to successfully serve consumers while staying true to cannabis culture,” Vedadi said.
In addition to the Arizona marketplace, Story Cannabis dispensaries are found in Maryland and Ohio, with other targeted markets on the horizon. The Company also has business agreements in New Jersey.
Story Cannabis’s signature CPG brands include Just Flower, plus their premium flower and concentrate offerings brand, Fade Co.