LANSING, Mich., June 14, 2019 /PRNewswire/ -- Green Peak Innovations (GPI) announced today that it has signed a definitive agreement to purchase Florida's Tree King Tree Farm, Inc.'s vertical cannabis license for $48 million.
Green Peak Innovations will hold one of only 22 vertical licenses in Florida, the third largest cannabis market in the United States. In Michigan, GPI is the largest vertical license holder in the country's second largest cannabis market.
"Our strategy has always been to grow beyond Michigan with our high quality medical cannabis products," said GPI CEO Jeff Radway. "The opportunity to move into Florida's booming market fits perfectly into our long-term goal of becoming a strategically focused multi-state operator."
The closing is expected to take place in the third quarter of this year and is subject to Florida State regulatory approval.
ABOUT GREEN PEAK INNOVATIONS
Green Peak Innovations uses nature, science and agricultural best practices to raise cannabis industry standards. We're building state-of-the-art facilities and using advanced technology to cultivate high-quality medicine that is safe for our patients, our communities and our state. Green Peak Innovations Global Headquarters is located in Windsor Township, Michigan, and is led by CEO Jeff Radway. For more information, visit greenpeakinnovations.com.
MEDIA CONTACT: Colleen Robar, 313-207-5960, [email protected]
SOURCE Green Peak Innovations