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US (MA): Theory Wellness becomes first employee-owned cannabis company in the state

Theory Wellness, which has several locations in Massachusetts and the Northeast, has become the first employee-owned cannabis company in Massachusetts. The company has transitioned ownership to its 200 employees through an Employee Stock Ownership Program (ESOP).

The company has several locations in the state, including Great Barrington, Bridgewater, Chicopee, Boston, and a location coming soon in Medford. On its website, the company lists that it has four recreational dispensaries in Maine; a medical dispensary program in Trenton, N.J.; a dispensary in Sherwood, Ohio; and a dispensary in Brattleboro, Vt. The company also offers its products at various dispensaries in New York state.

Theory Wellness was co-founded in 2015 by Nick Friedman and Brandon Pollock. In an interview with The Berkshire Edge, Friedman said that he will continue to serve as the company’s chief strategy officer. Meanwhile, Pollock, who serves as the company’s CEO, will continue with his role. “For us, being entrepreneurs is about being able to connect our work to our values, but also being able to do things we care about passionately,” Friedman said on why the two decided to transition the company to an ESOP program. “Our cannabis entrepreneurial pursuit was always rooted in looking for ways that we could have positive impacts on the external world, as well as internally. That same philosophy and mentality has always been internalized in the company. From day one, Theory has always been oriented as being an employee-first company.”

Read more at theberkshireedge.com

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