logo
Plus   Neg
Share
Email

Ascend Wellness Raises $68.2 Mln; To Acquire Two Illinois Dispensaries

Ascend Wellness Holdings, a multi-state cannabis operator, said it has closed a $68.2 million funding round and also reached a deal to acquire two marijuana dispensaries in Illinois.

The acquisition agreement will allow Ascend Wellness or AWH to take ownership of two dispensaries owned by Modern Cannabis or MOCA, following approval from the Illinois Department of Financial and Professional Regulation.

The company noted that the two dispensaries it plans to acquire in Illinois are in two iconic Chicago neighborhoods - Logan Square and River North.

AWH announced the final closing of its latest funding round at $68.2 million, of which $41 million is new capital will be used by the company to further its expansion of retail and grow operations.

"We are pleased to enter the third largest city in the United States though our pending purchase of Modern Cannabis. MOCA has been a leading player in the Chicago market, and we are excited to pair it with our Illinois Supply & Provisions (IS&P) dispensaries which include the top performing retail outlet in the state in Collinsville," said AWH Founder Abner Kurtin.

The addition of the two MOCA properties will give AWH six retail licenses in Illinois. Currently, the company owns and operates two cannabis dispensaries in Springfield and Collinsville, Illinois, under the IS&P brand.

The company said it will continue to seek new acquisitions and partnership opportunities to reach the Illinois state limit of 10 licenses per ownership group.

In addition, AWH's cultivation and processing center in West Central Illinois produces its own line of Ozone branded cannabis products to licensed retailers across the state.

AWH said it will keep the MOCA brand in place and operate both dispensaries as a separate brand.

The company owns marijuana business assets in Illinois, Michigan, Ohio, Massachusetts and New Jersey.

For comments and feedback contact: editorial@rttnews.com

Health News

Follow RTT