Since marijuana was fully legalized last year, highly capitalized companies have bought up smaller, independent pot shops - albeit it at sky-high prices of as much as $15 million per dispensary. The new company took control of the grow operation, along with Archos’ Zen Leaf dispensary brand and other entities.Īfter its launch, Verano began cementing its status as a premier pot firm by going on a merger and acquisition streak after its own $850 million acquisition went up in smoke last year.Īlthough Illinois’ cannabis industry is heavily regulated and the pursuit of new licenses is increasingly competitive, operators of cannabis businesses can sell their permits to other firms hoping to expand their reach or establish a foothold in Illinois.
Ross Morreale ultimately left Ataraxia in the summer of 2018, just three months before Verano launched the following October with $120 million in private funding. She also previously served as a spokeswoman for the trade group. Michael McAuliffe (R-Chicago) and a former director of the Illinois Department of Transportation. His sister, Kim Morreale, is the wife of former state Rep. Morreale helped start the Medical Cannabis Alliance of Illinois, an industry group whose membership has included many of the state’s other early operators. Archos previously told the Sun-Times he was encouraged to get into the medical cannabis industry after seeing the drug’s healing effects on a cousin with multiple sclerosis.
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Originally from the western suburbs, Archos is a serial entrepreneur who co-founded Wildberry Pancakes & Café, which has four locations in Chicago and the suburbs. Archos previously partnered with influential cannabis consultant Ross Morreale to launch Ataraxia, which became the first firm licensed in Illinois to start legally cultivating weed in July 2015, four months before medical cannabis sales began.
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