PharmaCann is adding Colorado and Michigan to the states where it grows and sells pot.
The Chicago-based company will buy LivWell for an undisclosed price. LivWell was founded in Denver in 2009 and has 21 stores in Colorado, which was the first to legalize recreational marijuana. It also is building a cultivation facility in Michigan. PharmaCann said LivWell founder John Lord will join its board.
The acquisition will give PharmaCann about 60 dispensaries, including eight in Illinois, and 11 cultivation facilities.
PharmaCann, which employs about 1,200 workers, is one of four Chicago-based cannabis companies that do business in multiple states, including Cresco Labs, Green Thumb Industries and Verano Holdings. PharmaCann, which two years ago called off a deal to be acquired by MedMen, is the only one of the four that isn’t publicly traded. It’s considering an IPO, Reuters recently reported.
The marijuana industry continues to consolidate, and more companies, such as Ascend Wellness, are going public and acquiring competitors.
PharmaCann declined to comment on the possibility of IPO, but extending its reach to additional markets could make it more attractive to investors.
In addition to its home state, PharmaCann operates in Maryland, Massachusetts, New York, Ohio and Pennsylvania. It recently raised $85 million in a debt offering.