Sol Global to acquire Michigan cannabis group MCP Wellness for $150 million

Sol Global, a Toronto-based investment company focused on the cannabis industry, agreed to acquire Michigan-based MCP Wellness, which has licenses to operate retail and cultivation centers in the state.

The acquisition of MCP Wellness, which is owned by private equity group Merida Capital Partners, is valued at $150 million.

MCP holds licenses to operate two Michigan cultivation centers and a license to process marijuana. It already runs three retail stores in the state, with a fourth scheduled to open in Ann Arbor in May.

Sol Global, formerly known as  Scythian Biosciences Corp., trades on the Canadian Securities Exchange under the ticker symbol SOL.

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