Ascend has plans to become the leading cannabis operator in the Massachusetts, Michigan and Illinois markets and it just got a big jump on the effort. This vertically-integrated cannabis operator completed its latest equity fundraising round.
Ascend raised $40M with the completion of this round and is developing licenses in three major cannabis states that are just beginning to build their markets: Massachusetts, Michigan, and Illinois. Combined, they create the largest market east of the Mississippi, which is equivalent in size to California or Canada, two of the most profitable Cannabis regions in the world.
The company’s chief executive officer Andrea Cabral started her career in Massachusetts law enforcement before getting appointed as the state’s top public safety official in 2012. As the leader of the company, she is sensitive to hiring people with minor arrest records in a demonstration of the company’s commitment to social justice.
“We are thrilled to be investors in Ascend, and to see such a warm reception to the dispensary locations under approval,” says Emily Paxhia, the Co-Founder and Managing Director of Poseidon Asset Management. “Ascend’s focus on a customer-centric retail environment will help to demystify the cannabis experience and create a new paradigm of cannabis retail.”
Ascend Wellness said it currently has plans for three high-end, licensed adult-use cannabis retail locations in three metro-area Boston locations. Additionally, the company said it plans to develop a significant retail presence throughout these emerging markets as it solidifies itself as a leading U.S. Cannabis operator.
“We are delighted to announce our initial round of funding,” says Abner Kurtin, founder of Ascend. “With a potential 30 million cannabis consumers in these three strategic markets, Ascend is poised to be one of the largest operators in the country. With our plans for best-in-class retail experiences and the development of global brands and partnerships, we could not be more excited for the future of Ascend.”
Leading this funding round are Poseidon Asset Management, Salveo Capital, JM10 Partners, and Shire Capital Advisors. Proceeds from the capital raised will be used to build out locations in these markets and acquire future assets.