Toronto-based cannabis operator TerrAscend Corp. announced Monday the closing of its previously announced acquisition of Allegany Medical Marijuana Dispensary, a medical dispensary in Cumberland.
Under the terms of the agreement, TerrAscend has acquired a 100% equity interest in AMMD for $10 million in cash, in addition to entering into a long-term lease with the option to purchase the real estate. The medical dispensary, located within six miles of both the West Virginia and Pennsylvania borders, generated net revenues in excess of $8 million in 2022.
In anticipation of adult use later this year, TerrAscend expects to rebrand the 10,000-square-foot dispensary as The Apothecarium, the company’s award-winning retail dispensary concept.
The dispensary will carry TerrAscend’s full selection of high-quality branded products, including Gage, Kind Tree, Valhalla, and Wana edibles, subject to regulatory approval. TerrAscend’s retail footprint now includes 32 dispensaries nationwide.