Proper Brands to Merge with Vireo Growth Inc.
Missouri company will retain existing leadership and identity.
Missouri-based Proper Brands is merging with Vireo Growth Inc.
The merger includes Proper Brands in Missouri, as well as Deep Roots Harvest in Nevada, and WholesomeCo Cannabis in Utah. Vireo also holds a binding Memorandum of Understanding (MOU) to acquire The Flowery in Florida. Proper Brands will retain its existing leadership and identity.
“We’re building a bigger family,” said John Pennington, founder and CEO of Proper. “This merger brings together the best local operators who share our values and passion. While this is a new chapter, our commitment to serving Missouri customers, employees and communities remains our top priority.”
The $397 million series of all-stock transactions — supported by a $75 million equity financing raise by Vireo — expands the company’s operations to seven states, nine facilities, 48 dispensaries and 1,043,500 sq. ft. of cultivation and manufacturing space.
“Proper remains unwavering in delivering what our passionate customers want: quality cannabis flower and extracts, as well as consistent, delicious edibles,” said Matt LaBrier, COO and co-founder of Proper. “With this merger, we will have access to a larger pool of industry experts for best practices and joint resources to continue expanding Proper Brands’ portfolio of products for adult-use consumers and medical cannabis patients across Missouri.”
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