TerrAscend entered a definitive agreement to acquire a Maryland medical cannabis dispensary for $11.7 million, a deal that will enable the multistate operator to complete a vertical operation in the state.
TerrAscend, which has offices in New York and Toronto, said in a news release that it is buying the Allegany Medical Marijuana Dispensary in northwestern Maryland from Moose Curve Holdings for $10 million in cash, plus $1.7 million for the real estate.
TerrAscend said it plans to rebrand the 8,000-square-foot dispensary as The Apothecarium and, pending regulatory approvals, supply the Cumberland retailer with its own line of products made in the state.
The company is building out a 160,000-square-foot cultivation and processing facility in Maryland, partly in anticipation of the state launching an adult-use program in the near future.
Recreational marijuana legalization was referred to the November ballot by state lawmakers.
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“I could not be happier about how well positioned we are for the possible launch of Maryland’s adult-use program in mid-2023,” TerrAscend Executive Chair Jason Wild said in a news release.
It’s unclear though how quickly an adult-use program would launch.
If voters were to pass the measure, lawmakers still would need to hash out regulatory details such as licensing and taxation.