(This story has been updated to include comment from Surterra.)
Surterra Wellness, a Florida-based medical marijuana firm and producer of CBD products that include oils, vaporizers and topical creams, acquired Massachusetts-based cannabis company New England Treatment Access (NETA).
The private company, led by chewing gum billionaire William “Beau” Wrigley Jr., declined to share the value of the stock and cash transaction.
The move is Surterra’s first foray into Massachusetts. The company currently has operations in Nevada and Texas in addition to its home base, Florida.
“We’re not playing the typical land grab game that seems to be going on out there,” Wrigley told Marijuana Business Daily. “(With the NETA deal) we have access to 70 million people and we’re executing our strategy against that.”
NETA, which has cultivation facilities in Franklin and retail operations in Brookline and Northampton, will continue to operate in Massachusetts in partnership with Surterra.
The acquisition is subject to approval by Massachusetts’ Cannabis Control Commission and will require certain local go-aheads.
NETA employs about 450 people and provides medical cannabis products to 40,000 patients.
Surterra increased its employee count from 100 to 550 in 2018. By the end of 2019, the firm expects to employ up to 2,000 individuals, Wrigley said.