Popular AZ Dispensary Is Being Acquired by Verano – AZmarijuana.com
Verano Holdings Corp., a multi-state cannabis company, has announced it has entered into an agreement to acquire control of Patient Alternative Relief Center, Inc. d/b/a Local Joint, a high traffic dispensary in Phoenix, Arizona. The transaction will further elevate Verano’s retail footprint in Arizona – one of the country’s latest states to begin sales of adult-use cannabis – to six operating dispensaries.
“Adding meaningful depth within our core markets has been our recent focus,” said George Archos, Co-Founder and CEO of Verano. “Arizona is, of course, a core market for us and will remain a priority within our national footprint going forward. The addition of Local Joint, a highly active, efficient operation with a prime, downtown Phoenix location and a robust consumer-base is very appealing to us. We’ve been fortunate to find like-minded partners and operators to expand our Verano family in Arizona in support of our objective to capture a leading position in the market.”
The dispensary is situated just minutes from the airport and the densely-populated university campus community. Under the terms of the agreement, Verano Arizona II, LLC, a subsidiary of Verano, will acquire the rights to manage Local Joint from its current manager, Flower Launch LLC.