John Schroyer
Arizona-based multistate operator Story Cannabis Co. announced the acquisition this week of four vertically-integrated marijuana licenses in the Phoenix metro area, bringing its homestate footprint to 11 retail shops and two cultivation facilities.
Story Cannabis, which is led by industry veterans CEO Jason Vedadi and COO Joe Sai, purchased the licensed locations from Devi Holdings, Inc., for an undisclosed sum. All four businesses were operating under the brand Nature’s Medicines, with two shops in Phoenix, one in the suburb of Tolleson, and another in the neighboring suburb of Glendale, according to a press release.
The two-year-old Story Cannabis also has operational marijuana dispensaries in Maryland and Ohio, and also has cannabis interests in New Jersey, and is planning “further strategic expansion targeted at vertically integrated licenses throughout the country,” according to the release.
As a second-tier, privately-held MSO, the Nature’s Medicines acquisition fits with the same business strategy, the company said: Focus on limited-license markets with vertically integrated companies up for sale that can give Story Cannabis an edge with its own supply chain.
“Our core strategy is to build our portfolio quickly and efficiently across multiple states in order to successfully serve consumers while staying true to cannabis culture,” Vedadi said in the release.
Vedadi and Sai both have deep experience in the marijuana trade, and worked together previously. Vedadi served previously as the former executive chairman of Harvest Health & Recreation, which was acquired by Florida-based Trulieve in 2021, and also as former CEO of Oasis Cannabis and the founder of Modern Flower. Sai is the former COO of Trulieve, and also former chief of staff and COO at Harvest Health & Recreation.
