Ascend Wellness, a multi-state, vertically-integrated cannabis operator, completed an equity fundraising round.
The company, which has raised $40M with the completion of this round, has developing licenses in three populous eastern U.S. states: Massachusetts, Michigan and Illinois.
The round was led by Poseidon Asset Management, Salveo Capital, JM10 Partners and Shire Capital Advisors.
The company intends to use the proceeds from the capital to build out locations in these markets and acquire future assets.
Led by Abner Kurtin, founder, Ascend Wellness is a vertically-integrated cannabis company offering a customer-centric environment and a curated selection of products with effect-based categorization. The company operates a large-scale indoor cultivation facility in Massachusetts and has plans for three high-end, licensed adult-use cannabis retail locations in three metro-area Boston locations. Additionally, it has plans to develop a significant retail presence throughout these emerging markets as it solidifies itself as a leading U.S. cannabis operator.