MSO Story Cannabis Co. Acquires Four New Cannabis Stores in Arizona

LOS ANGELES-Story Cannabis Co., a prominent multistate operator, has successfully secured a substantial foothold in the Arizona cannabis market by acquiring four coveted vertically integrated licenses from Devi Holdings. These licenses, which were previously under the Nature’s Medicines brand, have now transitioned into the Story Cannabis Co. portfolio, as revealed in a recent news release.

While the specifics of the financial transaction remain confidential, a spokesperson representing the privately held firm chose not to disclose the purchase price to MJBizDaily, keeping the intricacies of this significant deal under wraps.

The acquisitions comprise an array of operational locations, including two in Phoenix, one in Tolleson, and another in Glendale. These establishments are currently operational, augmenting Story’s existing presence and bolstering its retail portfolio to an impressive 11 locations, alongside two cultivation facilities within the state.

Beyond its burgeoning Arizona presence, Story Cannabis Co. also maintains a robust presence in Maryland and Ohio. As part of an ambitious expansion strategy, the company has set its sights on venturing beyond these boundaries, positioning itself to leave an indelible mark on the evolving cannabis landscape.

At the helm of Story Cannabis Co. stand two notable figures: CEO Jason Vedadi and Chief Operating Officer Joe Sai. The tandem’s prior involvement with Harvest Health & Recreation is a testament to their industry acumen. Notably, Harvest Health & Recreation was subsequently acquired by Florida-based Trulieve Cannabis in 2021, further validating their expertise.

In elucidating the company’s overarching vision, Vedadi elucidated, “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.” This sentiment underscores Story Cannabis Co.’s commitment to cultivating a diverse and impactful presence while remaining attuned to the essence of the cannabis realm.

This latest development is part of an intricate tapestry of moves within the cannabis arena. Earlier this year, Devi Holdings inked a deal with New York-based Ascend Wellness, transferring its Maryland assets in a noteworthy cash-and-stock transaction amounting to $19 million. This shift underscores the dynamic nature of the industry, marked by strategic realignments and alliances that shape its evolving landscape.