TerrAscend has entered into a definitive agreement to acquire Allegany Medical Marijuana Dispensary ("AMMD"), a medical dispensary in Maryland from Moose Curve Holdings for total consideration of US$10 million in cash, in addition to acquiring the real estate for US$1.7 million.
Located near interstate 68 and close to the West Virginia and Pennsylvania borders at 100 Beall St, Cumberland, MD 21502, AMMD has built a strong and loyal customer base in Northwestern Maryland. TerrAscend expects to rebrand the 8,000 square foot dispensary as The Apothecarium, the company's award-winning retail dispensary concept. In addition, TerrAscend will be supplying the dispensary with its own high-quality branded products, including Gage, Kind Tree and Valhalla edibles, subject to regulatory approval. Following the close of the transaction, TerrAscend's retail footprint will increase to 27 dispensaries nationwide.
"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. One year later we have made significant progress, with the buildout of our 160,000 square foot facility and our acquisition of this high performing medical dispensary."
Mr. Wild added, "Our progress is especially exciting within the context of the recent news that adult-use will be on the ballot in the November election. I could not be happier about how well-positioned we are for the possible launch of Maryland's adult-use program in mid-2023."
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