-Closure of the previously signed acquisition of the dispensary in Carroll, Ohio
– Concludes a definitive agreement to acquire a dispensary in Coshocton, Ohio
NEW YORK, October 1, 2021 / PRNewswire / – Ascend Wellness Holdings, Inc. (âAWHâ or the âCompanyâ) (CSE: AAWH.U) (OTCQX: AAWH), a leading multi-state and vertically integrated cannabis operator, announced today ‘hui have:
Completion of the acquisition of BCCO, LLC (“BCCO”), which operates a medical dispensary in Carroll, Ohio, and
Entered into a definitive agreement to acquire the Ohio Cannabis Clinic, LLC (“OCC”), which operates a medical dispensary in Coshocton, Ohio.
âWe are delighted to officially extend our vertically integrated footprint into the Ohio market â, said Abner Kurtin, CEO and President of AWH. âWith adult use legislation currently under review, now is the time to expand our footprint while continuing to provide medical patients with the high quality products and services they expect from us. By investing in key regions ahead of regulatory events, we have positioned AWH for long-term, sustainable growth in the most attractive markets in the United States. research base. “
AWH Ohio’s current footprint
Carroll, Ohio medical dispensary, currently operating under the Ohio Provisions retail brand and is located approximately 25 miles southeast of Columbus.
Coshocton, Ohio dispensary, which is pending closure and is currently operating under the Ohio Cannabis Company mark and is located 77 miles northeast of Columbus.
Monroe, Ohio cultivation facility, which closed in May 2021, and offers the Company the opportunity to expand its cultivation capacity.
Monroe, Ohio processing plant, the Company previously entered into an agreement with Marichron Pharma, LLC and intends to submit the transaction for state approval once cleared under state regulations.
Together, these assets provide the Company with cultivation, processing and dispensary assets in the state. AWH intends to migrate the Ohio Provisions and Ohio Cannabis Company brands to the AWH brand by the end of the year. Additionally, the company continues to seek to expand the state-imposed limit of 5 dispensary caps.
Market and justification
Ohio is the seventh largest state in the United States with a population of approximately 11.8 million.
The medical cannabis program was legalized in 2016 and according to the Ohio Medical Marijuana Control Program, as of July 2021, the market is made up of 53 operating dispensaries and 27 operating farmers and the program allows for up to 40 processors.
In 2020, the forensic medicine market in Ohio seen $ 200 million of sales and it is estimated that it will reach approximately $ 600 million in 20251.
Jefferies estimates that sales in the legal and illicit markets in 2020 reached approximately $ 2.7 billion, manufacturing Ohio the 3rd largest market which is legalized only for medical2.
1 8th Edition, The State of the Legal Cannabis Markets, Arcview Market Research (published May 5, 2020)
2 “Initiate on US Cannabis: Generational Wealth Opportunity, Avg. Upside> 100%”, Jefferies, July 7, 2021.
About Ascend Wellness Holdings, Inc.
AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, and New Jersey. AWH owns and operates state-of-the-art cultivation facilities, cultivating award-winning varieties and producing an organized product selection. AWH manufactures and distributes Ozone brand products. For more information visit www.awholdings.com.
This press release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding the plans, intentions, expectations, estimates and beliefs of the Company. Words such as âexpectâ, âcontinueâ, âwillâ, âanticipateâ and âintentionâ or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations regarding future events and financial trends, and on certain assumptions and analyzes made by the Company in light of experience and perception of historical trends, conditions. current and expected future developments and other factors. management believes they are appropriate.
Forward-looking information and statements involve and are subject to assumptions and to risks, uncertainties and other known and unknown factors which may cause the actual events, results, performance or achievements of the Company to be materially different from events, results, performance, and achievements expressed or implied by the forward-looking information and statements contained herein. These factors include, among others: the risks and uncertainties identified in the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, and in other reports and documents filed by the Company with applicable Canadian securities regulatory authorities and the United States Securities and Exchange Commission. Although the Company believes that the forward-looking information and statements contained herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that such forward-looking information and statements prove to be correct and, therefore, readers are advised to rely on their own assessment of these risks and uncertainties and not to place undue reliance on such forward-looking information and statements. All forward-looking information and statements contained herein are made as of the date hereof, and except as required by applicable law, the Company assumes no obligation and disclaims any intention to update or revise the information and statements. forward-looking statements contained herein or to update the reasons that actual events or results may differ or differ from those projected in the forward-looking information and statements herein, whether due to new information, events or results future, or otherwise, except as required by applicable law.
CSE has not reviewed, approved or disapproved of the contents of this press release.
SOURCE Ascend Wellness Holdings, LLC