Ethos Cannabis Enters Maryland Market With Acquisition Of Three Local Dispensaries
Ethos, though young, is very well capitalized
Pennsylvania-based Ethos Cannabis is planting its flag in the Maryland market with the acquisition of three local dispensaries.
Ethos recently gained clearance from regulators at the Maryland Medical Cannabis Commission to acquire three licensed dispensary businesses that have been operating under the brand name “Mission” in Maryland. The acquired sites include Mission’s stores in Rockville, Catonsville, and Baltimore’s Hampden neighborhood. Ethos purchased the locations from 4Front Ventures, which still operates one other Mission dispensary in Silver Spring. Financial terms of the deal were not disclosed.
Ethos is a relatively new player among the nation’s multi-state cannabis operators, but has been growing extremely quickly. At the start of the year, Ethos did not own a single operating facility, said CEO Teddy Scott. It now owns 16 dispensaries and two cannabis production facilities in Massachusetts, Pennsylvania and Maryland. In addition to the three Maryland locations, Ethos also recently acquired a dispensary location in Allentown, Pennsylvania, from 4Front.
Ethos, though young, is very well capitalized, backed by $90 million in funding to date. This acquisition deal follows on a recent fundraising round of $50 million in debt and equity capital.
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