Standard Wellness Holdings expands medical cannabis operations in Utah
Standard Wellness Holdings, LLC, a prominent name in the medical cannabis industry, has taken a significant step forward by acquiring the Cannabist pharmacy located in Springville, Utah. This strategic move not only expands Standard Wellness’s footprint in the state but also marks its vertical integration in Utah’s burgeoning medical cannabis market. The pharmacy, henceforth known as The Forest Springville, was purchased through a deal involving both cash and a seller note, indicating a flexible and strategic approach to expansion.
With this acquisition, Standard Wellness is set to bolster its operations significantly. Vice President of Revenue Michael Wells expressed enthusiasm for the development, stating, “This acquisition has been a long time coming, and we couldn’t be more excited to engage with Utah patients directly. The Forest Springville immediately strengthens Standard Wellness’s cultivation and processing operations located in Corinne, UT.” This move not only enhances Standard Wellness’s production capabilities but also broadens the variety of medical cannabis products available to Utah patients.
Patients visiting The Forest will have access to an extensive range of medical cannabis products, including flower, edibles, tinctures, topicals, extracts, and more. Significantly, the pharmacy will continue to offer products grown and manufactured by its affiliate, Standard Wellness, including popular brands like The Standard, The Solid, Black Sheep, Gummiez, and Airgraft.
Scott Ericson, Standard Wellness’s COO and a Utah resident, underscored the company’s dedication to the community and its health and wellness mission. “We’re incredibly proud of the group effort put forward by our team on this new expansion,” Ericson remarked. “We look forward to bringing our approach to health and wellness to the patients of Utah through safe and effective cannabis products.”
Looking ahead, Standard Wellness’s CEO, Jared Maloof, outlined ambitious plans for the company’s future. Maloof highlighted the company’s ongoing commitment to its core mission and foundational strength, with plans to open five new dispensaries in Ohio, acquire dispensaries in Missouri, and continue expanding its retail footprint in Utah through additional acquisitions over the next 24 months.
This acquisition by Standard Wellness signifies a strategic expansion within the medical cannabis sector in Utah, showcasing the company’s commitment to enhancing patient access to a wide range of cannabis products. By integrating vertically in Utah, Standard Wellness is poised to strengthen its market position and continue its mission of providing high-quality, effective cannabis products to the medical community.