TheApothecariumDispensaryinBerkeleyCA Resized

TerrAscend Expands to Maryland Through Acquisition of HMS

TheApothecariumDispensaryinBerkeleyCA Resized
<![CDATA[TerrAscend, a multi-state cannabis operator with a presence in Pennsylvania, New Jersey, California and Canada, has announced that the company will expand to Maryland through the acquisition of HMS Health, LLC and HMS Processing, LLC, one of the state’s licensed medical cannabis cultivators and processors.The acquisition, announced Nov. 6, is strategically and geographically advantageous for the company, according to Ryan McWilliams, CFO of Ilera Healthcare, which was acquired by TerrAscend last year.“Geographically, Maryland is kind of an obvious fit, and there are so many similarities across all these Northeastern cannabis markets in terms of the fact that they’re all medical but on the verge of going recreational,” McWilliams told Cannabis Business Times and Cannabis Dispensary. “There’s a very limited availability of these licenses in each of these states, so when there was an opportunity to acquire a new one that is strategically and geographically advantageous for the organization, we were immediately very interested in that opportunity.”HMS currently operates a 22,000-square-foot cultivation and processing facility in Frederick, Md., which produces flower and oil products for the state’s medical cannabis market. The facility will also be able to produce edibles upon receiving regulatory approval.“Looking ahead, we’ve done our due diligence and met all of the current operators of the HMS facility, and [we] are very impressed by what they’ve been able to do,” McWilliams said, adding that TerrAscend plans to integrate HMS’ employees into its operations.TerrAscend plans to purchase HMS from multi-state cannabis operator Curaleaf for $27.5 million, and the transaction is expected to close in the first quarter of 2021. At that time, the TerrAscend team will evaluate the HMS facility and decide whether it can be expanded to better meet patient demand.Photo courtesy of TerrAscendAn Apothecarium dispensary location in Berkeley, Calif., that is owned and operated by TerrAscend“We’ve expanded in…

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Source : TerrAscend Expands to Maryland Through Acquisition of HMS

reposted by Cannabis News World

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