Vermont cannabis dispensary and CBD business CeresMED has sold for a staggering $25 million this week.
CeresMED, formerly the Champlain Valley Dispensary, announced on Monday that it has merged its cannabis business in a deal worth $25 million with a Canadian corporation called SLANG Worldwide.
SLANG Worldwide is a publicly traded cannabis company with operations in 12 U.S. states.
The merger with Toronto-based SLANG Worldwide, will allow Ceres to expand its offerings to Vermont consumers and roughly double its workforce to about 100 employees, said Bridget Conry, director of brand experience.
Ceres has two medical cannabis licenses that allow it to grow, process, test and sell its product through four dispensaries.
“An overwhelming majority of our investors, until now, have been Vermonters,” Conry said of the company. “Now we’re in a position to bring investment into the state.”
Plans are already underway for a 50,000-square-foot expansion of its Milton facility.
Vermont’s market for adult retail sales of marijuana will open to Ceres and other licensed producers when taxes and regulations are finalized next year.
The Vermont company will likely license and produce some of SLANG’s edible products that have proven popular around the country, like Lunchbox Alchemy, Conry said.
“We began as a nonprofit in 2011 with two employees,” Conry said last Friday.
“We’re one of those Vermont companies that started small and grew.”
