Aprio to Acquire Price Kong, Expanding Into Cannabis Industry

Why It Matters

The deal gives Aprio a foothold in the fast‑growing cannabis sector while deepening its multidisciplinary service platform in a key Southwest market, positioning the firm to capture higher‑margin advisory work from emerging businesses.

Key Takeaways

• Aprio adds Price Kong’s five partners and 40 staff
• Acquisition expands Aprio’s Arizona footprint and cannabis‑industry services
• Aprio Legal leverages Arizona’s alternative business structure law
• Deal brings total of 37 offices and over 3,100 employees
• Aprio now serves construction, healthcare, real estate, tech, and cannabis clients

Pulse Analysis

Regulatory shifts have opened the door for traditional accounting firms to serve the burgeoning cannabis market, a sector that now generates billions in annual sales nationwide. Arizona’s 2020 legislation allowing alternative business structures lets accountants and lawyers combine under a single entity, creating a one‑stop shop for compliance, tax planning and financing. By acquiring Price Kong, Aprio instantly gains a team familiar with high‑growth, highly regulated industries and positions itself to capture cannabis‑related advisory work that many competitors have yet to address.

Aprio’s acquisition fits a broader, decade‑long M&A playbook that has seen the firm add more than 20 practices since 2017, including recent moves into Oregon and the launch of Aprio Legal. Backed by a 2024 private‑equity infusion from Charlesbank Capital Partners, the firm reported $616 million in revenue and employs over 3,100 professionals across 37 offices. The Price Kong deal adds five partners and 40 staff, expanding the firm’s service depth in construction, healthcare, real estate and technology while extending its footprint into Arizona’s entrepreneurial hub.

The strategic entry into cannabis advisory not only diversifies Aprio’s revenue mix but also strengthens its value proposition for venture‑backed startups seeking integrated financial, legal and wealth‑management guidance. Competitors such as KPMG and PwC are also testing similar models, but Aprio’s nimble size and focused regional approach may allow faster client onboarding and bespoke solutions. As state‑level legalization accelerates, firms that can marry compliance expertise with broader business advisory are likely to command premium fees and capture a larger share of the emerging market.

Deal Summary

Aprio, a top‑20 accounting firm, announced it will acquire Phoenix‑based Price Kong, effective June 1. The acquisition adds five partners and 40 professionals, expanding Aprio’s Arizona presence and marking its entry into the cannabis sector.