Ascend Wellness Holdings, LLC completed the acquisition of MOCA - Modern Cannabis.
December 22, 2020
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Ascend Wellness Holdings, LLC entered into an agreement to acquire MOCA - Modern Cannabis for $21.4 million on August 25, 2020. Ascend Wellness Holdings is also announcing the final closing of its latest funding round at $68.2 million, of which $41 million is new capital that will be used to further the company's expansion of retail and grow operations. Ascend Wellness Holdings will pair MOCA with Illinois Supply & Provisions (IS&P) dispensaries which include the top performing retail outlet in the state in Collinsville. Ascend Wellness Holdings will keep the MOCA brand in place and operate both dispensaries as a separate brand. The transaction is subject to the approval from the Illinois Department of Financial and Professional Regulation. As of December 15, 2020, Illinois Department of Financial and Professional Regulation approved the transaction. The transaction is expected to close on December 28, 2020.
Ascend Wellness Holdings, LLC completed the acquisition of MOCA - Modern Cannabis on December 23, 2020. Under the terms of agreement, Ascend Wellness paid consideration as cash $20 million, issued shares of 8.1 million, net of cash acquired $0.26 million and assumed liabilities of $0.3 million.
Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator. The Company is focused on operating in adult-use or near-term adult-use states in primarily limited license markets. It is engaged in cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through Company-owned retail stores and to third-party licensed retail cannabis stores. The Company has licenses and assets in Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. It produces and distributes its in-house Common Goods, Simply Herb, Ozone, Ozone Reserve, Royale, and Tunnel Vision branded products. The Company operates cultivation facilities in six states with approximately 245,000 square feet of total canopy. Common Goods is a no-frills brand that offers high value cannabis for everyday consumption. The brand comes in flower and pre-rolls. Ozone Reserve comes in exotic flower, refined concentrates, purified oils, and vapes.