Ascend Wellness announced the execution of a definitive agreement to acquire its second cultivation license and associated operations in Massachusetts. The targeted acquisition, situated in Amesbury, is currently pending regulatory approval, which is expected to be granted in the first half of 2024. In the intervening period, AWH will operate the facility under an interim consulting agreement.
The Amesbury facility boasts a spacious 54,000 sq. ft. area, with plans for a targeted investment to encompass 15,000 sq. ft. of canopy and a kitchen. When combined with AWH's existing cultivation and production facility in Athol, Massachusetts, this move will elevate the company's total cultivation space in the state to an impressive 70,000 sq. ft. of canopy.
According to the company, the expansion is a response to the increasing demand for AWH's products in Massachusetts, underscored by the success of the Simply Herb brand, which AWH introduced in the state less than two years ago. "Simply Herb has swiftly ascended to the top spot, capturing a meaningful sales lead over the second highest-ranked brand in the entire state."
John Hartmann, CEO of Ascend, expressed enthusiasm about the acquisition, stating, "We are thrilled to strengthen our commitment to Massachusetts and substantially increase our cultivation and production footprint in the state. Densifying our key markets is a stated strategy for our business, and this reinforces that focus."
"Our wholesale and retail markets have experienced significant growth, fueled by expanded third-party relationships and consumer demand across our three Massachusetts stores – in Boston, Newton, and New Bedford. The demand for additional supply is a direct result of our team's hard work and remarkable success in the Massachusetts market."
For more information:
Ascend Wellness Holdings
www.awholdings.com