AWH Debuts In Chicago, Acquires 2 MOCA Dispensaries

Cannabis company Ascend Wellness Holdings intends to debut in Chicago by acquiring two dispensaries in its neighborhoods – Logan Square and River North.

According to a Tuesday update, AWH would take over both Modern Cannabis dispensaries, once it receives approval from the Illinois Department of Financial and Professional Regulation.

The Chicago-based multi-state operator also disclosed that it's finalizing its latest funding round at $68.2 million, that way securing $41 million in new capital.

AWH said it would utilize the proceeds to fund the development of its retail and grow operations.

Currently, the company owns and operates two Illinois-based dispensaries under the IS&P brand, which are located in Springfield and Collinsville.

Abner Kurtin, the founder of AWH, said they are "pleased" to expand its footprint into the third-largest city in the country, adding they are "excited to pair it with our Illinois Supply & Provisions (IS&P) dispensaries."

MOCA's founder Danny Marks said they are "excited to add our own flavor to the mix and help build a great cannabis company that is well-positioned to thrive in the next phase of US cannabis legalization."

Meanwhile, in May, AWH acquired medical cannabis company Greenleaf Compassion Center, that way, expanding its presence to New Jersey.

Besides New Jersey and Illinois, the company operates within Michigan, Ohio, and Massachusetts as well.

Courtesy photo