Ascend Wellness Holdings entered into an agreement to purchase Greenleaf Compassion Center in Montclair, one of the New Jersey’s six original alternative treatment centers.
The deal is subject to regulatory approval by the state’s Department of Health.
“We believe holding one of the original six medical licenses in New Jersey is very attractive because it allows the operation to be fully vertically integrated with the ability to add two satellite locations,” said AWH Chief Executive Officer Abner Kurtin. “Greenleaf is also one of four medical dispensaries in northern New Jersey, which has one the largest populations and most favorable consumer demographics.”
AWH is a multi-state, vertically integrated operator based out of Boston, with locations in four states: Illinois, Massachusetts, Michigan and Ohio. New Jersey would be its fifth.
Upon acquisition approval, Greenleaf Compassion Center’s Montclair dispensary will be rebranded under the AWH family of dispensaries, and the company will expand the existing cultivation center in Franklin to approximately 55,000 square feet.
According to the company, AWH obtained a letter of support to build a New Jersey flagship retail location in Rochelle Park.
“The New Jersey medical program is very attractive due to the limited number of recognized operators. The program was scaled back under Gov. Christie’s administration, which resulted in a meager number of operators,” Kurtin said.
Brown
The state’s medical cannabis program currently serves 72,325 patients, with 1,124 doctors and 2,736 caregivers participating.
Kurtin said he expects the adult-use ballot initiative to pass in November and adult-use to begin in 2021, “which will be a boon to cannabis consumers and operators alike.”
“The Department is evaluating a proposed transaction between Greenleaf and Ascend Wellness,” confirmed Assistant Commissioner of the Medicinal Marijuana Program Jeff Brown. “All changes in ownership are subject to Department of Health approval and the Department has not rendered a decision on the proposed transaction.”
