Colorado’s Green Solution marijuana chain bought by multi-state operator Columbia Care for $140 million

Columbia Care, a company involved in the cannabis industry on two continents, on Tuesday bought The Green Solution, Colorado’s biggest marijuana chain, for approximately $140 million.

The Green Solution, founded before recreational legalization in 2010, runs 21 dispensaries in Colorado with two more under construction and expected to open later this year, according to a news release. It also operates one of the country’s largest marijuana products manufacturing facilities, and a network of indoor and outdoor growing facilities expected to produce more than 48,000 pounds of marijuana by the end of this year, the release said.

The Green Solution co-president Eric Speidell, who co-founded and runs the company alongside his brother Kyle Speidell, spent two years lobbying Colorado lawmakers to loosen restrictions on ownership and capital in the marijuana industry. Earlier this year, the General Assembly approved and Gov. Jared Polis signed a bill allowing for publicly traded marijuana companies in the state. Previously restrictions on ownership were lifted Nov. 1, just days before The Green Solution announced its acquisition.

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