Just four years ago, Fitchburg-based company Rev Clinics was one of the biggest players in the Massachusetts marijuana industry, with its products available in about 75% of the then-200 dispensaries across the state.
Nearing 400 employees, Rev Clinics had a massive Fitchburg manufacturing and cultivation facility and operated dispensaries with high-profile locations, including one in Cambridge's Central Square and a Somerville location a short walk from Assembly Square. Inc. magazine ranked Rev Clinics as the fourth-fastest growing company in the country in 2021, with a reported three-year growth rate of 32,997%. Just four years later, Rev Clinics is in financial ruin.
The company has been placed into receivership after accumulating millions in debt. Rev Clinic's 146,000-square-foot Fitchburg facility is closed and available for lease. Its Leominster dispensary is set to be offloaded for $500,000, and it was unable to find a buyer for its once highly sought-after Somerville location.
The firm faces an federal tax audit and upward of $20 million owed to creditors. Rev Clinic's demise is a reversal of fortune for a firm which produced a line of cannabis products owned by former Red Sox slugger David Ortiz, which grabbed headlines across the hemisphere but failed to be a hit.
Read more at Worcester Business Journal
