Cannabist Sells Virginia Cannabis Assets for $130M

The Cannabist Company has closed the sale of its Virginia cannabis business to an entity affiliated with Millstreet Credit Fund LP for total consideration of $130 million. The Virginia assets include five active retail locations, one additional retail location in development, and about 82,000 square feet of cultivation and production capacity in the Richmond region.

Total consideration consists of $117.5 million paid in cash at closing and $12.5 million held in an offset escrow amount. The escrow will be released in two parts, including up to $1 million after finalization of a post-closing purchase price adjustment and the remainder after the nine-month anniversary, subject to indemnification obligations.