SAN JOSE, Calif.–(BUSINESS WIRE)–California cannabis retail leader Grupo Flor today announced the acquisition of its newest dispensary, San Jose’s White Fire retail outlet, for $16 million. Established in 2015 by sole proprietor Darren Dkystra, the San Jose White Fire dispensary adds to Grupo Flor’s expanding portfolio, which currently includes the East of Eden branded dispensaries in Salinas and Moss Landing, and a new Flor dispensary set to open this summer in Union City. Once open, the Union City shop will be the first cannabis dispensary in the nation located in a regional supercenter boasting over 11 million visitors a year.
“The White Fire acquisition expands Grupo Flor’s retail footprint into one of our state’s most important metro markets,” says Grupo Flor’s CEO Gavin Kogan. “Named for a famous California cannabis strain, White Fire is an exciting addition to the Grupo Flor family. The shop is one of the region’s top earners, brings zero debt and, thanks to Darren’s business acumen, bears an unusually solid track record of operational success.”
Grupo Flor’s Vice President of Retail Mike Bitar adds that the company plans to open an additional White Fire outlet in Prunedale before Q3 2021. “This acquisition fits perfectly with our strategy of deploying different retail brands across California that are tailored to serve the diversity of our state’s distinct consumer markets,” Bitar says.
In addition to its suite of dispensaries, Grupo Flor has five unique house brands that range from budget-priced pre-rolls and flower to edibles to premium hand-rolled blunts. Taken together, the dispensaries and brands offer Californians the diversity and breadth they demand, and is one of the only California chains with this type of portfolio.
Along with this transaction, the Grupo Flor Board of Directors has expanded to include Dykstra as well as Silicon Valley Cannabis Alliance founder and registered state lobbyist, Sean Kali-rai. “The addition of Darren and Sean Kali-rai to our board adds a depth of expertise that will help better guide our retail expansion and refine our strategic development. We are excited to have them aboard,” says Kogan.
About Grupo Flor
Founded in 2015 and headquartered in Salinas, CA, Grupo Flor is one of California’s largest vertically integrated cannabis companies. Guided by its mission to Put People and Communities First, Grupo Flor has built one of California’s largest and most diverse workforces, supporting hundreds of employees with highly competitive wages, extensive benefits and unparalleled professional development opportunities.
Please visit https://grupoflor.com.
Gretchen Giles • firstname.lastname@example.org • 707.570.7887
Original Source and Content: https://www.businesswire.com/news/home/20210513006068/en/