Copperstate Farms, a marijuana grower and retailer, bought its fifth pharmacy for $ 15 million.
Copperstate purchased the pharmacy license, inventory and equipment from Goodness Growth Holdings for its Phoenix operations in Deer Valley, north of Loop 101 and east of Interstate 17. The deal also includes the company’s 18-acre outdoor cannabis farm in Amado, south of Tuscon. Under the recently signed agreement, Goodness Growth expects to wholesale its products in Arizona for another 20 years through a grow services management agreement.
Copperstate Farms operates several pharmacies in the Phoenix area under the Sol Flower name.
Goodness Growth decided to focus on other markets like New York and Minnesota, according to the company.
Founded in 2016, Copperstate operates four other pharmacies in the area, including one in Sun City, two stores in Tempe, and one in Scottsdale under the name Sol Flower.
Support the independent voice of Phoenix and help keep the future of the New Times free.
The company has grown through acquisitions since acquiring two Level Up pharmacies, formerly MedMen Arizona, for its 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 an additional 40 acres for future marijuana growing. The company is already building a 35,000 square meter automated manufacturing facility in Tempe.
Sol Flower sells marijuana in Sun City.