Ascend Wellness to Acquire New Jersey-Based Greenleaf Compassion Center
BOSTON -- AWH, a multi-state, vertically integrated cannabis operator, today announced it has signed a definitive agreement to acquire Northern New Jersey based Greenleaf Compassion Center, a vertically integrated Cannabis company that holds one of the original six medical licenses in New Jersey. The deal is subject to regulatory approval by the state's Department of Health.
This acquisition will expand AWH's operations into a fifth state as the company continues to build its footprint in limited license states across the Midwest and East Coast. Once the acquisition is approved, Greenleaf Compassion Center's current Montclair dispensary will be rebranded under the AWH family of dispensaries, and the company will expand the existing cultivation center in Franklin, New Jersey to approximately 55,000 square feet. AWH has also obtained a letter of support to build a New Jersey flagship retail location in Rochelle Park which sits one mile from the Garden State Plaza, a retail center that draws over 20 Million visitors per year, and is situated in the third largest shopping district in the Tri-state area.
New Jersey is one of the fastest growing medical cannabis markets in the country and currently serves over 51,000 patients. Under Governor Phil Murphy's administration, the state's medical program has tripled the number of patients, and nearly doubled the number of participating physicians. Additionally, the New Jersey General Assembly passed a proposed ballot question at the end of 2019 to legalize recreational marijuana, which allows residents to vote on the referendum this year.
"We believe New Jersey to be one of the most attractive markets in the U.S. with over nine-million people who are underserved, in what will likely become an adult-use market in 2021," said Abner Kurtin, Founder and CEO of AWH. "Julio Valentin and his entire team at Greenleaf Compassion Center have been dedicated to patient care since 2012 and are trailblazers in New Jersey's medical market. We look forward to introducing our high-quality Ozone products and popular Cookies strains through our partnership to the patients of the Garden State."
AWH is a market leading, vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts and New Jersey. AWH is breaking down traditional walls in the cannabis marketplace to provide easy and accessible products and exclusive brand partnerships. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing curated selection of products with effect-based categorization.
AWH operates Michigan Supply and Provisions, Illinois Supply and Provisions, and Ohio Provisions. AWH produces and distributes Ozone branded products. For more information, visit www.awholdings.com.