Greenlight Expands Cannabis Operations with New Acquisitions

LOS ANGELES– In a significant move within the burgeoning cannabis industry, multistate operator Greenlight announced on Monday its acquisition of an operating recreational and medical dispensary in Las Vegas and an 18,000-square-foot cultivation facility in Buckhannon, West Virginia. The financial details of these acquisitions remain undisclosed.

The West Virginia facility further solidifies Greenlight’s presence in the state, making the company vertically integrated there. This acquisition strategy is in line with the broader industry trend of companies seeking to control both the production and distribution aspects of their business.

Greenlight, a privately held entity based in Kansas City, Missouri, has also made headlines in the financial sector by issuing its third consecutive quarterly dividend to shareholders. This move is seen as an anomaly in the cannabis sector, with the company describing the latest 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,” the company’s release stated. Notably, Greenlight’s first dividend, issued in April, is believed to be the inaugural dividend within the cannabis industry.

Upon regulatory approval of its recent acquisitions, Greenlight’s portfolio will boast 30 retail outlets and over 200,000 square feet of cultivation and manufacturing space spread across six states: Arkansas, Illinois, Missouri, Nevada, South Dakota, and West Virginia.

CEO John Mueller emphasized the company’s robust growth trajectory, stating, “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.” Looking ahead, Greenlight projects its retail footprint to expand to 35 locations by the first quarter of 2024.

The company’s aggressive expansion and financial strategies underscore the rapid evolution and maturity of the cannabis industry, as businesses navigate regulatory landscapes and market dynamics to stake their claim in this lucrative sector.