Vireo Health expands into New Mexico with cannabis acquisition

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The cannabis company has acquired medical cannabis license holder Red Barn

Vireo Health International has increased the size of its footprint in the U.S. The cannabis company has already operated in a number of states across the country, but is now in New Mexico, as well. The expansion comes thanks to the acquisition of the company that owns Red Barn, a medical cannabis dispensary in New Mexico.

The terms of the deal were not disclosed, except to say that the acquisition involved cash and stock. Red Barn currently holds a license to provide medical cannabis in the state. It has two dispensaries – one in Gallup and the other in Santa Fe – and also has a cultivation and processing facility in Gallup.

According to Vireo CEO Kyle Kingsley, M.D., “Vireo Health is excited to expand our operations into New Mexico’s well-established medical cannabis market. Red Barn is a well-respected operator in New Mexico’s medical cannabis program, which has earned the trust of consumers. We look forward to welcoming Red Barn into the Vireo Family. Together, we will create best-in-class products and continue to provide patients with compassionate care.”

Vireo cultivates cannabis and manufacturers pharmaceutical-grade cannabis extracts. It offers its products through its own dispensaries, as well as third-party shops, and is traded on the Canadian Securities Exchange. It employs over 300 workers in eight states, including Arizona, Maryland, Minnesota, New Mexico, New York, Ohio, Pennsylvania and Rhode Island.

New Mexico, according to the state’s Department of Health Services, has 70,109 active medical marijuana patients. The New Mexico Medical Cannabis program encompasses 35 Licensed Non-profit Producers that cultivate and distribute cannabis to qualified patients.