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

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

The more funds will let the corporation to develop its footprint into Ohio, exactly where Ascend has an agreement to obtain a cultivation license and is in “advanced discussions” for dispensary licenses, the corporation mentioned in a news release.

The capital will also fund building of AWH’s adult-use flagship retailer in Boston, the 1st of its type in a significant East Coast city.

AWH is also creating a 9.five-acre cannabis cultivation facility, MassGrow. Positioned in Athol, Massachusetts, the campus is anticipated to make 15 million grams of cannabis annually.

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

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Categories: Briefs, Dispensary/Retail Retailer Enterprise News, Marijuana Cultivation, Massachusetts Healthcare Cannabis Enterprise &amp Marijuana Legal News, Ohio Healthcare Cannabis Enterprise &amp Marijuana Legal News, Sales, Funding &amp Banking News, United States

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