Ascend Wellness Holdings, a multi-state, vertically integrated cannabis operator, raised $28.2m in new financing.
The round was led by four U.S. cannabis sector funds, a large European based investment fund, a collection of private high-net worth individuals, and other strategic investors.
The company intends to use the funds for the continued expansion of its retail and cultivation footprint.
Led by Founder Abner Kurtin, Ascend Wellness Holdings is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts and New Jersey.
The company owns and operates cultivation facilities, growing strains and producing curated selection of products with effect-based categorization.
AWH owns Michigan Supply and Provisions, Illinois Supply and Provisions and Ascend and operates Ohio Provisions. The investment will fund the continued expansion of AWH’s retail and cultivation footprint. Three new Michigan Supply and Provisions stores are planned to open this winter in Ann Arbor, Detroit and Battle Creek.
In Illinois, the company is in the process of converting its Springfield and Collinsville Illinois Supply and Provisions stores to adult use for first day recreational sales planned for January 1, 2020.
In Massachusetts, the Cannabis Control Commission awarded MassGrow, AWH’s cultivation facility in Athol, their final license which authorizes AWH to cultivate, harvest and process cannabis in the state. The company began growing in November and expects its first harvest in February 2020, allowing them to launch their premium brand, Ozone, in Massachusetts. The Ozone brand is already being sold to critical acclaim and market success in Illinois and Michigan.