Copperstate Farms, a marijuana grower and retailer, has purchased its fifth dispensary for $15 million.
Copperstate purchased the license for the dispensary, inventory, and equipment from Goodness Growth Holdings for its operations in Phoenix located in Deer Valley north of Loop 101 and east of Interstate 17. The deal also includes a license to the company’s 18-acre outdoor hemp farm in Amado, south of Tucson, but not the farm itself. Goodness Growth expects to continue to wholesale its products for 20 years in Arizona through an Agriculture Management Services Agreement, according to the recently signed agreement.
Goodness Growth has decided to focus on other markets such as New York and Minnesota, according to the company.
Copperstate was founded in 2016 and operates four other dispensaries in the area including one in Sun City, two stores in Tempe, and one in Scottsdale under the Soul Flower name.
The company has grown via acquisitions since it acquired two Level Up dispensaries, formerly MedMen Arizona for Tempe and Scottsdale locations in 2020.
“Our goal is to be the leading cannabis brand in Arizona,” said Brad Kotansky, Chief Financial Officer of Copperstate Farms.
The company owns a 40-acre greenhouse facility in Snowflake with a further 40 acres dedicated to future marijuana growing. The company is already building a 35,000-square-foot automated manufacturing facility in Tempe.