Natasha Yee
Audio By Carbonatix
Copperstate Farms, a grower and retail seller of marijuana, bought its fifth dispensary for $15 million.
Copperstate bought the dispensary license, inventory, and equipment from Goodness Growth Holdings for its Phoenix operations located in Deer Valley just north of Loop 101 and east of Interstate 17. The deal also includes a license for the company’s 18-acre outdoor cannabis farm in Amado, south of Tucson, but not the farm itself. Goodness Growth expects to still sell its products wholesale for 20 years in Arizona through a cultivation management services agreement, according to the recently inked deal.
Copperstate Farms runs several dispensaries in the Phoenix region under the name Sol Flower.
Natasha Yee
Goodness Growth decided to focus on other markets such as New York and Minnesota, according to the company.
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Copperstate was founded in 2016 and operates four other dispensaries in the region including one in Sun City, two stores in Tempe, and one in Scottsdale under the Sol Flower name.
The company has been growing by acquisition since it snapped up two dispensaries from Level Up, 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, the chief financial officer of Copperstate Farms.
The company owns a 40-acre greenhouse facility in Snowflake with another 40 acres set aside for future marijuana cultivation growth. The business is already building a 35,000-square-foot automated manufacturing facility in Tempe.
Sol Flower sells marijuana in Sun City.
Natasha Yee