Vireo Health International, Inc. (CSE:VREO) (OTCQX:VREOF) confirmed Thursday that its partner, Arizona Natural Remedies Inc., has finalized a grand expansion of its cultivation and processing facility.
The facility, located south of Tuscon, now has a nine-acre shade house, which is expected to help raise Arizona Natural Remedies’ cannabis flower output by almost fivefold.
With the nine-acre expansion, the facility in Arizona became the company’s biggest cultivation site in five crucial markets.
The physician-led cannabis company noted that the expansion will add 45 new jobs in 2021.
Arizona Natural Remedies planed the expansion before the adult-use legalization was voted in the state on Election Day, Nov. 3.
What’s more, Arizona Natural Remedies earlier revealed it has started to provide the service of medical cannabis home delivery to Phoenix residents.
“Our expansion in Arizona represents another strategic investment to drive growth in one of our core markets,” Vireo founder and CEO Dr. Kyle Kingsley stated. “With the rapid legalization of adult-use cannabis, the state is facing a potential shortage of cannabis flower.”
Kingsley expects the expanded facilities and additional growing acreage to “drive significant growth” in Vireo’s wholesale business and increase sales at its now adult-use eligible dispensary in Phoenix.
“We are also currently planning an incremental 9-acre shade house in addition to the current facility,” he added.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.