Vertically integrated cannabis firm Ascend Wellness raises $55 million for expansion

Boston-based Ascend Wellness Holdings (AWH), a multistate vertically integrated marijuana operator, secured $55 million in funding to aid expansion plans in its home state of Massachusetts and other markets.

The additional money will allow the company to grow its footprint into Ohio, where Ascend has an agreement to purchase a cultivation license and is in “advanced discussions” for dispensary licenses, the company said in a news release.

The capital will also fund construction of AWH’s adult-use flagship store in Boston, the first of its kind in a major East Coast city.

AWH is also building a 9.5-acre cannabis cultivation facility, MassGrow. Located in Athol, Massachusetts, the campus is expected to produce 15 million grams of cannabis annually.

The raise follows a $40 million funding completed in December.