Popular Las Vegas marijuana dispensary The+Source part of $56 million sale
Nevada Organic Remedies has sold the majority of its stake of the pot industry for $56 million. The company owns two cultivation facilities, a 2,500 square foot production facility, and operates The+Source dispensaries located in Las Vegas and Henderson. The closing date is expected to happen on September 7th.
As per the agreement, all business will be transferred to Green Growth Brands. This agreement includes one of the two cultivation facilities, the dispensary in Las Vegas, and a license to distribute to dispensaries. Nevada Organic Remedies will keep The+Source dispensary in Henderson and a grow house in Pahrump.
Marijuana facility owners are allowed to transfer the usage of their licenses to an investor who is out of state. In Nevada this can happen as long as the state authories have vetter the investors or company. Since the start of sales for recreational marijuana, which began on July 1, 2017, there has been an increase in these types of transfers.
As per the co-owner and CEO of Nevada Organic Remedies, Andrew Jolley shared, ““Our entire ownership and management team is staying in place to partner with them going forward and to help not only with our operations here in Nevada, but in future expansion as well.”
In late 2015 The+Source opened in Las Vegas, Nevada. In September 2016, The+Source opened its doors in Henderson. The company serves more than 800 customers daily. Andrew Jolley is also the president of the the Nevada Dispensary Association and has been since 2016. The Nevada Dispensary Association is Nevada’s largest advocacy organization.
The Green Growth Brands were not immediately available to respond for further comment.
Canadian based company, Silver State Relief, also sold two dispensary licenses. This makes the second sale to a Canadian based company this week. Silver State Relief is based in Reno. The company sold their facilities location in Sparks and Fernley. The dispensary licenses were sold for over $50 million, as per a statement. The company, C21, bought the licenses and is based in Vancouver, Canada.
Since marijuana was legalized in Nevada in 2016 there has been an increase in seling to Canadian investors. License holders in Nevada are being chosen as the Canadian companies come with great capital backing. The Canadian companies have invested millions of dollars in to legal marijuana. In Canada marijuana is now legal nationwide where in the USA only a few states have legalized its usage as Las Vegas THC and maybe even CBD. Under federal law in the USA, the marijuana plant remains illegal. American marijuana companies choose to go public on the Canadian stock exchanges in order to avoid any issues legally from their own domestic authorities.