A significant Massachusetts-based hashish corporate introduced plans Tuesday to procure a couple of Chicago pot stores.
Ascend Wellness and Health, which lately operates a cultivation heart in Barry and two downstate dispensaries, agreed to procure MOCA Modern Cannabis’ flagship location in Logan Square and a newly opened retailer in River North. The deal will have to first be authorized by means of the Illinois Department of Financial and Professional Regulation, which oversees dispensaries.
“We are pleased to enter the third largest city in the United States through 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 dispensaries, which include the top performing retail outlet in the state in Collinsville,” mentioned Ascend’s founder Abner Kurtin.
The information comes as Ascend introduced its newest investment spherical of $69 million. Last week, the actual property funding believe that owns the Barry develop heart additionally made to be had an extra $18 million in investment to increase the ability.
The new acquisitions would give Ascend six retail pot licenses in Illinois, even though the corporate plans to “seek new acquisitions and partnership opportunities to reach the state limit of 10 licenses per ownership group.” The company additionally has operations in Michigan, Ohio, Massachusetts and New Jersey.
The Chicago dispensaries would stay the MOCA title and the shop’s present house owners would proceed working them.
MOCA’s store in Logan Square, 2847 W. Fullerton Ave., was once one of the most town’s first and now sells each scientific and leisure weed. The company’s new retailer, 216 W. Ohio St., solely serves adult-use consumers. But since weed was once absolutely legalized at the beginning of the yr, each stores have confronted problems.
Burglars broke into the Logan Square retailer in January and stole over $100,000 in money, whilst the brand new location was once close down by means of town simply days after opening in July. That retailer has since reopened.
“We are excited for the next step forward on this crazy cannabis journey,” MOCA’s co-owner Danny Marks instructed the Chicago Sun-Times. “We believe we are stronger together with a cultivator partner and AWH is a great fit for us.”