Cannapany on February 2, 2023 No Comments
The cannabis company is expanding its footprint into new territory
Maryland appears to be a state where many multi-state cannabis operators (MSOs) are setting their sights. With the recent approval of marijuana for adult use and an established medical cannabis market, it is a golden target that many want to explore. Leading North American cannabis operator, TerrAscend, has not wanted to miss this opportunity and recently announced the closing of its previously announced acquisition of Allegany Medical Marijuana Dispensary (AMMD).
Located in Cumberland, this medical dispensary appears to have much to offer TerrAscend’s operational needs. Pursuant to the terms of the agreement, TerrAscend has purchased a total ownership interest in AMMD after paying a total consideration of $10 million in cash. The agreement also includes a long-term lease with the possibility of purchasing real estate assets.
Located in the northwest Old Line State, the high-performing medical clinic was able to generate more than $8 million in net income last year. TerrAscend is aware of the approaching recreational marijuana market in the state.
That’s why it expects to rebrand this 10,00 square foot dispensary to The Apothecarium, the company’s award-winning retail dispensary concept. As usual at all other stores, consumers will be able to find Gage, Kind Tree, Valhalla, and Wana edibles as long as regulators allow.
“Our Maryland strategy is coming together nicely,” said Jason Wild, Executive Chairman of TerrAscend. “When we entered the state, we planned to significantly expand our cultivation and manufacturing capacity, in addition to vertically integrating. Since that time, we have completed and operationalized our state-of-the-art 150,000-square-foot facility, and have now closed on the acquisition of this high-performing medical dispensary,” continued Wild. “I could not be happier with how well we are positioned for the expected launch of Maryland’s adult-use program.”
Congratulation!