Georgia Company To Acquire Mass. Marijuana Operations
New England Treatment Access, the company that operates a retail marijuana store in Northampton, a medical dispensary in Brookline and a cultivation facility in Franklin, has agreed to a deal to be acquired by a Georgia company.
Surterra Wellness announced Monday that the cash and stock transaction to acquire NETA — which must be approved by the Cannabis Control Commission — would be "one of the largest acquisitions to date in the U.S. cannabis industry."
In announcing the acquisition, Surterra said the NETA team "will continue their operations at all levels in Massachusetts, including offering its established brands to its patients and customers and partnerships with the communities."
"We are excited to work closely with NETA’s management to build out the foundation they have established in Massachusetts," Surterra CEO William "Beau" Wrigley Jr., the former head of the Wrigley chewing gum empire, said. "NETA’s proven operational expertise will strengthen Surterra’s ability to continue to execute on meaningful acquisitions and organic growth."
Surterra describes itself as "one of the fastest growing health and wellness companies in the United States" and already has a presence in Florida, Texas and Nevada. The company said the acquisition of NETA reflects its "strategy to bring the industry's broadest portfolio of high-quality cannabis brands to patients and consumers across the U.S., to build out industry-leading operations and to expand upon a global platform."
Under state regulations, NETA and Surterra must submit a request to change ownership or control and pay a $500 ownership change fee to the Cannabis Control Commission. The transition in control may not take place until it is approved by the CCC.
"Surterra's continued growth and industry leadership will offer NETA's employees an opportunity to join in a shared vision to ascend to a leading global health and wellness company," NETA co-founder Kevin Fisher said in a statement. "At the same time, we continue our commitment to providing NETA’S high quality products to our patients and customers in Massachusetts and to meeting the obligations of our Brookline, Franklin and Northampton communities."