Arizona-based cannabis firm 4Front Ventures, which has operations in five adult-use states, has completed the sale of three dispensaries in Maryland.
In a news release, 4Front Ventures said the stores were dealt to Philadelphia-based Ethos Cannabis, another multistate operator, for $5.5 million. The sale of the Maryland assets is part of a previously announced $18 million transaction that also includes licenses in Pennsylvania.
All three locations will be rebranded from “Mission” to “Ethos” stores, according to a separate release.
Ethos, which has raised $90 million from investors in the Philadelphia area, is run by former PharmaCann CEO Teddy Scott.
“Developing a mainstream oriented, vertically integrated platform with a core focus on retail and the expansion of the health and wellness market through relationships with academic medical institutions like Thomas Jefferson University are at the core of our strategic objectives at Ethos,” Ethos CEO Teddy Scott said.
The deal comes at a time when 4Front has refocused its attention to key adult-use markets like Illinois, where it recently commenced construction on a Mission dispensary in Calumet City.
“The Illinois market has been a triumph since implementing adult-use cannabis and we are excited to be expanding our operations in the state to better serve the customers and patients that depend on Mission,” said Gabe Mendoza, the vice president of operations.
The new location — which spans 3,000 sq. ft. and is located roughly two miles from the Illinois-Indiana border — will serve both medical and recreational customers.
4Front operates a second dispensary – Mission South Chicago – that was forced to close for two months after it was burglarized.
Additional information is available in news releases from both companies, published below.
4Front Ventures Provides Illinois Market Update and Announces Completion of Sale of Non-Core Maryland Assets
Construction Commences on Calumet City,