Michigan marijuana company buys 11 stores from in-state competitor
- Stash Ventures, a marijuana company in Mount Pleasant, Michigan, has acquired 11 dispensaries from Cloud Cannabis Co. in Troy, Mich.
- The financial details of the deal were not disclosed.
- The dispensaries will continue to operate under the Cloud Cannabis name to maintain their well-established market position.
- Stash Ventures aims to expand its own cannabis product lines with the acquisition of these dispensaries.
Stash Ventures, a vertically integrated marijuana company in Mount Pleasant, Michigan, acquired 11 dispensaries from Cloud Cannabis Co. in Troy, Mich.
The financial terms of the deal were not disclosed.
Under the deal, which closed last month, Stash takes over dispensaries in Ann Arbor, Cedar Springs, Detroit, Gaylord, Grand Rapids, Kalamazoo, Muskegon, New Baltimore, Traverse City and Utica, according to the Cloud Cannabis website.
The dispensaries will continue to operate under the Cloud Cannabis name to preserve the brand’s “already well-established market position,” said a news release from Stash Ventures.
Stash already operates three Timber Cannabis Co. dispensaries in the Michigan towns of Mount Pleasant, Owosso and Sturgis, as well as a grow and processing operation in Sturgis, the company said.
“Growing our investment in the state of Michigan is important to us, and we’re proud to be able to do this with such a well-established brand like Cloud Cannabis,” Scott Moorehead, CEO of Stash Ventures, said the news release.
Moorehead added that it will be easier for Stash to expand its own cannabis product lines, such as High Minded Creations, with more of its own marijuana retail stores.
Cloud Cannabis will keep its own cultivation and processing operations under terms of the deal.