Ascend Wellness Closes On New Chicago Properties

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) may be fighting with MedMen over the New York investment, but the company did manage to close its acquisition of Chicago Alternative Health Center, LLC and Chicago Alternative Health Center Holdings, LLC. The acquisition of the two companies called Midway includes two operating adult-use and medical cannabis dispensaries located at 5650 S. Archer Avenue in Chicago and 9820 S. Ridgeland Avenue in Chicago Ridge. The dispensaries were originally branded as “Midway” and have been rebranded to “Ascend by Midway.”  Ascend has been consulting on the operations of these locations and consolidating the financials since the transaction agreement was signed in December 2020.

“We’re thrilled to expand our dispensary and cultivation capacity in Illinois by planting our greenhouse and closing on this transaction with Midway, one of the first operators in the state with a strong reputation among consumers and strategically-located dispensaries,” said Abner Kurtin, CEO of AWH. “We will continue operating these assets and furthering our mission by offering Illinois consumers improved access to premium cannabis and a streamlined and elevated retail experience. As the most populous city in the state of Illinois and the third most-populous city in the U.S., following New York City and Los Angeles, Chicago is a very important market for us and we are happy to solidify our presence in the region.” Ascend said that the Archer and Ridgeland Ave. dispensaries represent its seventh and eighth retail locations in Illinois.

In addition to the deal closing, Ascend also said that it began planting its newly expanded cultivation facility in the state. Previously, Ascend had 58,000 sq. ft. of indoor canopy at its Barry, Illinois cultivation facility. The Company recently added a greenhouse with 55,000 sq. ft. of canopy at the same location and has since planted four strains and 3,600 plants in the new space.

Since state legalization in January 2020, Illinois’ legal cannabis market has reached over $1 billion in revenue with in-state residents accounting for $777 million of total sales. The Ascend by Midway Dispensaries will expand access to quality cannabis products to thousands of individuals in the Chicago area.

 

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