TWO OF PORTLAND’S MOST ESTABLISHED CANNABIS COMPANIES JOIN FORCES
TWO OF PORTLAND’S MOST ESTABLISHED CANNABIS COMPANIES JOIN FORCES: GROUNDWORKS INDUSTRIES AGREES TO ACQUIRE FIVE ZERO TREES
Groundworks Industries, a vertically-integrated cannabis company based out of Portland, has agreed to acquire Five Zero Trees retail, a beloved group of recreational dispensaries. With eight locations spanning Portland to Astoria, Five Zero Trees also worked towards vertical integration with critically-acclaimed flower, concentrates and a reputation for consistent quality of service and variety with every shop.
This sort of acquisition signifies a shift in consolidation trends, showing Oregon companies finding strength in numbers; combining forces in order to maintain and shape cannabis business growth in this state. Groundworks sees Five Zero Trees as a trustworthy Oregon company that helped lift the state’s cannabis community, and their respect for the brand is no small factor.
“Our decision to move towards acquiring Five Zero Trees retail business is due to admiration for the brand they’ve built, and we aren’t interested in messing that up,” says Spencer Noecker, CEO, and owner of Groundworks. “We believe in our fellow Oregon companies, and in the growth of the Oregon market.”
This move is part of Groundworks’ investment in Oregon, the ultimate goal of which is transforming the perception of the whole cannabis industry and spreading the cannabis conversation beyond the borders of this progressive adult use community. The acquisition is subject to customary closing conditions and receipt of regulatory approval, including from the Oregon Liquor Control Commission.
Established in Portland in 2014, Groundworks Industries employs over 150 Oregonians. Brands include Serra, Electric Lettuce, Farma and Pruf Cultivar, with more announcements to come during this period of restoration and growth.
Learn more at gw-ind.com.