STL cannabis company to be acquired

St. Louis-based cannabis company Proper Brands is slated to be acquired by a Minneapolis-based public entity.

Vireo Growth Inc. signed definitive agreements worth roughly $397 million for Proper Brands, Deep Roots Harvest in Nevada and WholesomeCo Cannabis in Utah. Vireo also has a memorandum of understanding to acquire The Flowery in Florida that's part of the acquisition total.

Proper Brands had 400 St. Louis-area employees as of the first quarter.

Read more from the St. Louis Business Journal.