Cannabis MSO Greenlight acquires assets in NV & WV, pays dividend

Cannabis multistate operator Greenlight is acquiring a dispensary in Las Vegas and a cultivation facility in West Virginia for an undisclosed sum as well as issuing another dividend.

The Las Vegas acquisition is an “operating recreational and medical dispensary,” according to a Monday news release from Greenlight.

The cultivation facility in Buckhannon, West Virginia, is 18,000 square feet and makes Greenlight vertically integrated in that state.

The Kansas City, Missouri- based privately held company did not release the price of the acquisitions.

Greenlight also issued a “third consecutive quarterly dividend” to shareholders, a rarity in the cannabis industry.

The company described the payout as a “seven-figure” sum.

“In 2023, Greenlight has returned consecutive dividends that amount to over 13% of the total invested capital in the company,” according to the release.

The company’s first dividend – thought to be the first dividend in the cannabis industry – was issued in April.

After its latest acquisitions are approved by regulators, Greenhouse said it will have 30 retail outlets and “over 200,000 square feet of cultivation and manufacturing space” across six states: Arkansas, Illinois, Missouri, Nevada, South Dakota and West Virginia.

“With more than 580 dedicated employees and exceeding $200 million in annualized revenue, we continue to focus on strategically growing as a debt-free and profitable organization,” Greenlight CEO John Mueller said in a statement.

The company said it is on track to operate 35 retail locations by the first quarter of 2024.

Source: https://mjbizdaily.com/cannabis-mso-greenlight-acquires-assets-pays-dividend/