Less than two years after Union Chill Cannabis Co. opened as the first recreational dispensary in Lambertville, multistate operator TerrAscend will acquire the business.

In a May 6 press release, the Toronto-based cannabis giant announced it signed an agreement to acquire the North Union Street shop. Financial terms were not disclosed.

Upon closing of the transaction, Union Chill will increase TerrAscend’s retail footprint to 39 dispensaries across five U.S. states and Canada. Within New Jersey, TerrAscend also runs The Apothecarium dispensaries in Lodi, Maplewood and Phillipsburg.

TerrAscend Executive Chairman Jason Wild said, “Union Chill is a strong performer, generating more than $11 million in annualized revenue from its location in Hunterdon County. We see a clear opportunity to enhance sales and margins by introducing our portfolio of premium brands, including Kind Tree, Legend, Valhalla, Cookies, and Wana.”

He went on to say, “We are actively evaluating additional expansion opportunities in New Jersey and expect to sign multiple additional transactions by the end of 2025. We are also on track with the expansion of cultivation and manufacturing capacity at our Boonton facility, ensuring we can meet the increased demand from both the expansion in our retail footprint as well as our growing wholesale business.”

It is not immediately clear if Union Chill will retain its name after the acquisition is complete.

Community focused

Following its June 2023 launch in downtown Lambertville, Union Chill became known for its high-quality cannabis products and education-focused service on the plant’s benefits, as well as a selection of arts, crafts and other goods from local vendors. A second dispensary, Baked by the River, opened later that year in the city.

Community outreach has also been a priority for Union Chill.

The shop signed on last spring as a premier sponsor for one of its hometown’s most popular events – ShadFest.

As a majority women-owned and socially responsibly firm, Union Chill has also collaborated with Prevention Resources, Hunterdon County’s longest-standing prevention agency, to educate on the importance of responsible cannabis use and safe storage.

After Union Chill co-founder and CEO Laurie McHugh died in an August 2023 car crash, the dispensary launched a scholarship in her name for students at Stockton University looking to explore cannabis career pathways.

A representative from Union Chill did not immediately respond to a request for comment.