Glass House Brands, a vertically integrated cannabis company, has expanded its California footprint by acquiring Natural Healing Center (NHC) dispensaries in Grover Beach and Lemoore, Cali.
Under the agreement, Glass House will acquire two operating NHC dispensaries in Grover Beach and Lemoore and is expected to close the acquisition of two additional NHC locations in Morro Bay and Turlock (upon the store’s opening) by the end of this year, according to a press release.
“As we stated when announcing the execution of definitive agreements for the NHC transaction, this acquisition will advance us further in our goal of becoming one of the largest retailers in the state of California, adds further support to our recently acquired PLUS edibles business and provides incremental outlets for CPG (consumer packaged goods) sales as the SoCal farm continues to expand its output,” said Kyle Kazan, Glass House Chairman and CEO. “Given NHC’s positioning in limited license markets and its strong consumer following, we are excited to add these [four] dispensaries to our retail portfolio. We are now poised to execute a dramatic transformation in the size of our retail dispensary business.”
In addition, the company also acquired three active retail, distribution and cultivation licenses, “as well as six city-level adult-use and medical cannabis retailer, distributor and cultivation licenses,” in early August from The Pottery dispensary in Los Angeles, Cannabis Business Times reported.
NHC CEO, Valnette Garcia, also expressed her excitement about the acquisition.
“I am excited to see the Grover Beach and Lemoore transactions finalized and look forward to sharing best practices between NHC, the Farmacy stores and The Pottery to drive operating efficiencies, amplify purchasing bargaining power and heighten profitability, while always providing our customers with a world-class experience and the highest quality cannabis at an affordable price,” she said.