MOUNT PLEASANT – Stash Ventures has acquired the dispensaries of Troy-based Cloud Cannabis Co. in what is the first notable acquisition in the sector of 2024. Financial terms of the deal, which closed late last month, were not disclosed.
Stash Ventures takes control of Cloud’s 11 dispensaries in Michigan — Ann Arbor, Detroit, Muskegon, Traverse City, two in Grand Rapids, Utica, Gaylord, New Baltimore, Cedar Springs and Kalamazoo. The dispensaries will continue to operate under the Cloud Cannabis name to preserve Cloud’s “already well-established market position,” Stash Ventures said in a press release.
Stash Ventures already operates three dispensaries in Michigan under the Timber Cannabis Co. name in Mount Pleasant, Owosso and Sturgis.
Strangely enough, the deal does not include Cloud Cannabis marijuana grow and processing operations.
“This transaction with Stash Ventures represents a pivotal strategic decision for our team,” John McLeod, co-founder of Cloud, said in a press release. “We recognized an extraordinary opportunity to orchestrate a mutually beneficial financial and operational outcome for both parties, while enabling us to sharpen our focus on our established wholesale operations. This move is a testament to our commitment to our stakeholders and aligns with our vision for the future.”
The acquisition of Cloud also gives Stash