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Flora Farms pursuing dispensary license acquisitions

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With recreational marijuana now feeding sales, Flora Farms LLC is looking to expand its number of dispensaries, its president said yesterday.

With nearly 200 dispensary licenses issued and approved to operate in Missouri, expansion by acquisition is Flora Farms' current method, said President Mark Hendren. He spoke at Springfield Business Journal's 12 People You Need to Know live interview event at The Backlot, Alamo Drafthouse Springfield's restaurant and bar.

Flora Farms currently operates one dispensary each in Springfield, Humansville, Neosho and Ozark, according to its website.

"We've got a couple deals pending right now that will make that number go up to six in the next few weeks," Hendren said in the interview with SBJ Editorial Vice President Eric Olson.

Hendren said the dispensaries targeted for acquisition are in the Kansas City area and one that's "really close to Arkansas." Asked what dispensary licenses are selling for, Hendren said it's north of $2 million.

"The numbers are all over the place, but it's a lot of money," he said, noting Missouri is a “closed license state,” meaning the number of licenses issued is capped and now they’re only available on the open market.

Flora Farms, which last year recorded $30 million in revenue, is projecting two and a half to three times the number of sales this year after recreational marijuana joined medical weed in February, Hendren said.

Recreational contributed to a state record of $102.9 million in cannabis sales for February, according to past Springfield Business Journal reporting. That figure climbed to roughly $126 million in March, according to Missouri Department of Health & Senior Services data, indicating the state is on pace to record over $1 billion in marijuana sales in its first 12 months with recreational weed legalized.

Sales for January, the last full month of just medical marijuana in the market, were over $37 million, according to DHSS data.

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