Story Cannabis, an emerging player in the fast-growing cannabis industry, announced the acquisition of four vertically integrated cannabis dispensary licenses in Arizona that are currently operating under the name Nature’s Medicines.
The newly purchased dispensaries are currently operating and serving Arizona’s adult-use and medical cannabis consumers from two locations in Phoenix, one in Tolleson, and one in Glendale. With the recent additions, Story Cannabis’s portfolio in Arizona now includes operations of 11 retail locations and two cultivation facilities.
The latest development is part of Story’s strategic plan to grow quickly through the purchase or expansion of vertically integrated cannabis assets in target states, that have high-profit margins, steep growth curves and the expectation of soon-to-be permitted adult-use sales.
The acquisition effort was led by Story Cannabis executives and cannabis entrepreneurs, CEO Jason Vedadi and COO Joe Sai. Both have in-depth experience at publicly traded companies and with multi-state operations. In this latest venture, the duo expects to bring a more personalized approach and curated cannabis experience to consumers.
Vedadi, founder of Modern Flower which merged with Harvest Health and Recreation in 2017, is the former executive chairman of Harvest Health and former CEO of Oasis Cannabis. Sai is the former COO of Trulieve, former chief of staff and COO of Harvest Health and Recreation.
