Ascend Wellness completes $68 million raise, acquires Illinois marijuana shops

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Ascend Wellness Holdings, a multistate operator based in New York, said Tuesday it closed a $68.2 million funding round and reached agreement to acquire two more Illinois marijuana retailers.

The raise is yet another sign that funding in the marijuana industry is slowly opening.

The stores Ascend plans to buy in Illinois – pending approval of state regulators – are located in Chicago and owned by Modern Cannabis (MOCA).

The acquisition gives Ascend six Illinois locations and puts the company a step closer to the state ceiling of 10 retail storefronts per company.

Ascend said it plans to purchase more stores until it hits the state cap.

According to the Ascend website, the company:

  • Already runs two shops in Springfield and Collinsville under its brand Illinois Supply & Provisions (IS&P).
  • Has plans to open two more stores this year in Springfield and Fairview Heights.
  • Also owns a cultivation operation in Illinois.

Ascend said in its announcement that it plans to use $41 million of the raise to fund expansion opportunities.

The company also has marijuana business holdings in Massachusetts, Michigan, New Jersey and Ohio.