Ascend Wellness Holdings (AWH) has acquired the Maryland assets of Devi Holdings, Inc. Upon closing of the agreement, AWH will acquire 100% of the membership interests of Devi’s Maryland dispensaries and related real property holding companies for $19 million, $12 million of which will be paid in cash, and $7 million, or 5.19 million shares, in Class A common stock.
Devi Holdings owns and operates four licensed medical marijuana dispensaries in Aberdeen, Crofton, Ellicott City and Laurel, Maryland, under the names Nature’s Medicines and True Wellness.
Ascend Wellness Holdings is a cannabis company with assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey and Pennsylvania. The company offers cultivation facilities and engages in the production of cannabis products. The agreement will expand Ascend Wellness Holdings’ operations into a seventh state as the company continues to build its footprint in limited license states across the Midwest and East Coast.
According to data captured from the LevinPro HC database, this acquisition marks the sixth Pharmaceuticals transaction of 2023. There were 94 Pharmaceuticals deals reported in 2022.
